IFR Asia - October 14, 2017

0EOPLE

&Markets

HSBC picks John

Flint for CEO

hotseat

HSBC HOLDINGSûHASûPICKEDû*OHNû&LINTûWHOû

HASûRUNûITSûRETAILûANDûWEALTHûMANAGEMENTû

BUSINESSûFORûALMOSTûlVEûYEARSûTOûREPLACEû

3TUARTû'ULLIVERûASûCHIEFûEXECUTIVEûINû

&EBRUARY

Gulliver had already announced his

INTENTIONûTOûSTEPûDOWNûDURINGûû

ANDû&LINTûWASûWIDELYûTIPPEDûTOûBEûHISû

REPLACEMENT

(3"#ûSAIDû&LINTûWILLûTAKEûOVERûONû

&EBRUARYûû)TûWILLûMEANûTHEREûAREûTWOûNEWû

MENûATûTHEûTOPûOFû%UROPESûBIGGESTûBANKû

AFTERû-ARKû4UCKERûJOINEDûASûCHAIRMANûINû

/CTOBER

&LINTûûISûSEENûASûAûSAFEûPAIRûOFûHANDSû

WHOûHASûAûRELATIVELYûLOWûPROlLEûBUTû

DEEPûEXPERIENCEûINûMOSTûAREASûOFû(3"#û

including crucially in Asia and in the

INVESTMENTûBANK

h4HISûISûTHEûRIGHTûDECISIONvûSAIDû(UGHû

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)NVESTMENTSûWHICHûOWNSûûOFû(3"#û

SHARESûh4HEûCURRENTûCHIEFûEXECUTIVEûHASû

worked hard to turn the bank around and

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INTOûAûSTRONGERûGROWTHûPHASEûANDûCONTINUEû

THEûONGOINGûTILTûTOWARDSû!SIAv

&LINTûACKNOWLEDGEDûHEûNEEDSûTOûBUILDû

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ANDûIMPROVEûITSûPROlTABILITYûh4HEûBANKû

ISûVERYûWELL

POSITIONEDûFORûTHEûFUTUREû

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&LINTûSAIDûINûAûSTATEMENT

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about lacklustre revenue growth.

&LINTûHASûBEENûWITHû(3"#ûFORûûYEARSû

and run its retail banking and wealth

MANAGEMENTûBUSINESSûnûTHEûBANKSûLARGESTû

DIVISIONûnûSINCEûTHEûSTARTûOFû

(EûISûNOûRELATIONûTOû$OUGLASû&LINTûWHOû

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3EPTEMBER

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WASûEXPECTEDûAFTERû4UCKERûWASûPICKEDûASû

CHAIRMANûTHEûlRSTûOUTSIDEûAPPOINTMENTûINû

THEûBANKSû

YEARûHISTORY

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(3"#SûSTRONGûCULTUREûINTACTû!NDû&LINTûWILLû

BEûAWAREûOFûTHEûCOMPLEXITYûOFûMANAGINGû

(3"#

OLD SCHOOL

&LINTûDECIDEDûHEûWANTEDûTOûBEûAûBANKERûATû

THEûAGEûOFûûANDûHISûSCHOOLûHEADMASTERû

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ACCORDINGûTOûAûMEMOûSENTûTOû(3"#ûSTAFFûONû

Thursday.

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/CTOBERûûAFTERûSTUDYINGûECONOMICSû

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OFû%NGLANDû(EûCOMPLETEDûHISûTRAININGûINû

Hong Kong and Calcutta and had early

ASSIGNMENTSûINû(ONGû+ONGû.EWû9ORKûANDû

Bahrain.

&LINTûAûKEENûSWIMMERûANDûTRIATHLETEû

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THEû5+û(EûSPENTûHISûlRSTûûYEARSûINû!SIAû

INûTHEûINVESTMENTûBANKSûGLOBALûMARKETSû

business, including as head of regional

derivatives trading.

“I was in Indonesia when the Asian

lNANCIALûCRISISûSTARTEDûINûû)NDONESIAû

WASûHITûVERYûHARDû)ûWASûOPERATINGûINûAû

BANKINGûSYSTEMûTHATûENDUREDûEXTREMEû

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ANDûTWOûYEARSûLATERûHEûWASûAPPOINTEDûGROUPû

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MANAGEMENTû)NûûHEûADDEDûTHEûROLESûOFû

DEPUTYûHEADûOFûGLOBALûMARKETSûANDûHEADûOFû

GLOBALûMARKETSûFORû%UROPEû-IDDLEû%ASTûANDû

Africa.

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MANAGEMENTûWHEREûHEûRESETûSTRATEGYû

FORûTHEûBUSINESSû!TûTHEûSTARTûOFûûHEû

BECAMEûCHIEFûOFûSTAFFûTOûTHEû#%/ûANDûHEADû

OFûSTRATEGYûANDûPLANNING

Two years later he took on running retail

BANKINGûANDûWEALTHûMANAGEMENTûWHICHû

HADûREVENUESûOFû53BNûLASTûYEARûORûû

OFûTHEûGROUPû(EûSPENTûMUCHûOFûHISûTIMEû

SPENTûGRAPPLINGûWITHûCONDUCTûISSUESûANDû

rolling out new technology.

#OMPLIANCEûANDûTECHNOLOGYûWILLûBEû

AMONGû&LINTSûBIGGESTûCHALLENGESûASûGROUPû

#%/ûASûWELLûASûTRYINGûTOûGETûRETURNûONû

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2/%ûWASûJUSTûûLASTûYEARûORûûONûANû

ADJUSTEDûBASISûANDûREVENUESûFELLûûONûANû

ADJUSTEDûBASISûFROMû

STEVE SLATER

Credit Suisse

names senior

China duo

CREDIT SUISSE has elevated two of its senior

BANKERSûINû!SIAûNAMINGûONEûASûCHAIRMANû

OFûITSû(ONGû+ONGûOPERATIONSûANDûPROMOTINGû

ANOTHERûTOûCHIEFûEXECUTIVEûFORû'REATERû

#HINAûACCORDINGûTOûAûPRESSûRELEASE

Mervyn Chow HASûBEENûAPPOINTEDû#%/û

for Greater China, where he will lead

THEûBANKSûSTRATEGYûACROSSûPRIVATEûANDû

INVESTMENTûBANKINGûANDûHELPûDEVELOPûITSû

BUSINESSûONûTHEûMAINLAND

He will continue as co-head of IB and

CAPITALûMARKETSûFORû!0!#

!û

YEARûVETERANûOFûTHEûBANKû#HOWû

WASûPREVIOUSLYûHEADûOFûTHEûGLOBALûMARKETSû

SOLUTIONSûGROUPûINû!0!#ûCOMPRISINGûEQUITYû

CAPITALûMARKETSûDEBTûCAPITALûMARKETSû

convertibles and equity derivatives.

(EûWASûPROMOTEDûTOû#HINAû#%/ûINû

&EBRUARYûDURINGûAûRESHUFmEûTHATûALSOûSAWû

Neil Harvey APPOINTEDûCHAIRMANûOFû'REATERû

China.

Carsten Stoehr HASûBEENûAPPOINTEDûHEADûOFû

THEû3WISSûBANKSû(ONGû+ONGûOPERATIONS

3TOEHRûWHOûREJOINEDû#REDITû3UISSEû

LASTûYEARûFROMû3TANDARDû#HARTEREDûWILLû

CONTINUEûASûHEADûOFû!0!#ûlNANCINGûAûROLEû

that cuts across various businesses like

LENDINGûTOûCOMPANIESûANDûULTRAûHIGH

NET

worth clients.

3TOEHRûSPENTûûYEARSûWITHû#REDITû3UISSEû

BEFOREûJOININGû3TAN#HARTûASûGLOBALûHEADû

OFûlNANCIALûMARKETûSALESûINûû(Eû

HELDûAûNUMBERûOFûDIFFERENTûROLESûACROSSû

lXEDûINCOMEûANDû)"ûATû#REDITû3UISSEûSPLITû

between stints in London, Hong Kong and

Tokyo.

"OTHû3TOEHRûANDû#HOWûAREûBASEDûINû

(ONGû+ONGûANDûREPORTûTOû(ELMANû3ITOHANGû

#REDITû3UISSESû!0!#û#%/

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+ONGûANDûCHAIRMANûOFû'REATERû#HINAûAFTERû

ûYEARSûWITHûTHEûBANK

(EûHASûSPENTûAûTOTALûOFûûYEARSûINûTHEû

industry, including roles at Renaissance

#APITALûANDû-ACQUARIEû'ROUP

Harvey will continue until the end of the

YEARûTOûHELPûWITHûTHEûTRANSITIONûTHEûBANKû

has said.

THOMAS BLOTT