HSBC chief steps down after 18 months on the job

The bank said in a statement that Flint resigned by mutual agreement, adding that change is needed to meet "the increasingly complex and challenging global environment" HSBC faces.

The London-based bank said it is considering internal and external candidates to replace Flint. In the meantime, Noel Quinn, head of global commercial banking, will take on the role of CEO.

John Flint, chief executive officer of HSBC is stepping down after less than two years on the job.

HSBC also reported earnings for its second quarter. The bank posted a $4.4 billion profit in the quarter, up from $4.1 billion a year earlier. HSBC also announced plans to buy back $1 billion worth of shares.

But the bank acknowledged that it still faces headwinds, including falling US interest rates and "geopolitical issues" that could hit "a significant number of our major markets." The nature and impact of Brexit, for example, "remain highly uncertain," the bank said.

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Flint joined the bank in 1989 and spent the first 14 years of his career with HSBC in Asia expanding the bank's global markets business. He moved back to London in 2004 and rose through the ranks, eventually becoming CEO in February 2018.

In a statement, Flint, 51, said that it was a privilege to spend his entire career with HSBC.

"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," he said.

The bank said Flint will stop carrying out his day-to-day duties immediately, but will remain available to assist HSBC with the transition.

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