HSBC appoints new chairman in management overhaul

HONG KONG: Banking giant HSBC announced the appointment of a new chairman on Monday as part of a management overhaul which will also see it choose a new CEO, after a massive drop in profits in 2016.
British businessman Mark Tucker will take over from current chairman Douglas Flint in October.
Tucker is currently group chief executive and president of insurance group AIA.
He will lead the hunt for a new CEO for HSBC to replace Stuart Gulliver who is set to retire in 2018, the bank said in a statement to the Hong Kong exchange.
The changes come as HSBC profits were dealt a hammer blow last year, with the bank attributing the decline to protectionist fears under Donald Trump and uncertainties caused by Brexit when it announced its 2016 results last month.
That sent new shivers through markets already spooked by concerns over political stability in Europe, Brexit and US trade policies.
Shares in HSBC were up 2.3 per cent in early afternoon trading. HSBC praised Tucker’s “long track record of successful leadership of complex financial services businesses in both Asia and the UK” in its statement.
Before he took the helm at AIA, Tucker was head of insurer Prudential.
Gulliver and Flint have led HSBC since 2010 in what has been a difficult period for the bank. — AFP