HSBC Holdings Plc, Europe’s biggest bank, said consumer and wealth management Chief Executive Officer Paul Thurston will retire after 37 years with the company.
Thurston, 59, will be replaced by John Flint, 44, group head of strategy and planning and chief of staff to the group CEO, on Jan. 1, London-based HSBC said in a statement today. Thurston became head of the consumer division in March 2011, the bank said.
“Paul had planned to retire two years ago but stayed on at my request to help establish retail banking and wealth management as a globally managed business,” CEO Stuart Gulliver said in the statement.
The bank is retreating from less-profitable consumer-banking markets and preparing to implement changes in the bank’s structure to accommodate U.K. government plans to insulate retail-banking units from investment banking. HSBC has set aside $2.1 billion to compensate clients who were wrongly sold insurance on mortgages, credit cards and other loans, the least out of Britain’s four largest retail banks.
-- Editors: Jon Menon, Mark Bentley