Stuart Gulliver’s controversial reign at HSBC is coming to an end after the bank appointed insider John Flint to replace him early next year.
Gulliver, 58, has presided over a string of scandals during six years as chief executive – from a £1.4bn fine for laundering Mexican drug money to accusations it helped shady clients hide cash in Switzerland.
The appointment of Flint, 49, who heads the retail banking and wealth management division, will be seen as an effort to put that past to bed.
John Flint has been seen as the frontrunner to replace Stuart Gulliver as Chief exec of HSBC for some time, he will officially take the reigns next year
He will take home up to £9.7million a year in cash and shares if he hits targets – including £2.9million in fixed pay, a £360,000 pension and up to £6.4million in annual and long-term bonuses.
Flint has long…