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		</div><p>HSBC chief executive John Flint has stepped down after the bank said it believed a change was needed “to meet the challenges” it faces.</p>
<p>The bank said in a statement that Mr Flint had resigned from the role “by mutual agreement with the board”.</p>
<p><em>“Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition,”</em> the bank added on Monday.</p>
<p>Noel Quinn will take over as interim chief executive until a successor is appointed.</p>
<p>The exact amount Mr Flint will get as a payoff remains unknown until he leaves the business, HSBC said.</p>
<p>However, he will be entitled to 12 months’ salary and a “fixed pay allowance” – of £3.3m – and “will be eligible to be considered for an annual incentive award”.</p>
<p>The bank added: <em>“Mr Flint will not be eligible for an LTI (long-term incentive) award in respect of the 2019 performance year.”</em></p>
<p>Last year he was paid £4.6m.</p>
<p>HSBC chairman Mark Tucker said: <em>“On behalf of the board, I would like to thank John for his personal commitment, dedication and the significant contribution that he has made over his long career at the bank.</em></p>
<p><em>“Today’s positive interim results particularly reflect John’s achievements as group chief executive.”</em></p>
<p>Mr Tucker said that although HSBC “is in a strong position to deliver on its strategy”, a change of chief executive is necessary.</p>
<p><em>“In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us,”</em> he said.</p>
<p>He also ruled himself out for the top job.</p>
<p>Mr Flint’s departure came as HSBC announced its first-half results for 2019, which showed a rise in pre-tax profit of 15.8% to $12.4bn. Its profit after tax was up 18.1% to $9.9bn.</p>
<p>HSBC chief financial officer Ewen Stevenson told investors: <em>“We’re not on track with the turnaround of our US business … The current returns on the US business is not acceptable.”</em></p>
<p>He added: <em>“The US revenues outlook has become more challenged in recent months and we’re not expecting a 6% return on targeted tangible equity.</em></p>
<p><em>“Trade tensions between the US and China are progressively affecting the growth output in both markets.”</em></p>
<p>The bank also said it intends to initiate a share buy-back of up to $1bn, “which we expect to commence shortly”.</p>
<p>Mr Flint said it had been a privilege to spend his “entire career with HSBC” and that he was “proud of what we achieved together”.</p>
<p><em>“I have agreed with the Board that today’s good interim results indicate that this is the right time for change, both for me and the bank.</em></p>
<p><em>“After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the bank’s stakeholders in the best possible way.”</em></p>
<p>External candidates will be considered in the search for a new chief executive, the company said.</p>
<p>Mr Quinn, who will take up the role in the interim, has been chief executive of global commercial banking, a position he has held since 2015.</p>
<p>The bank added: <em>“He brings a track record of business success, strong client relationships and deep global expertise from his 32 years with HSBC.”</em></p>
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