HSBC on Monday announced the surprise departure of its Chief Executive Officer John Flint, 51, saying the bank needed a change at the top to address 'a challenging global environment.'
Chief Executive Officer John Flint took over as HSBC CEO in February 2018. He set out plans to invest $15-$17 billion over three years in areas including technology and China, while trying to keep costs under control.
The bank's chairman, Mark Tucker, said in a statement: "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." "When you get a change of this magnitude, people are going to be looking for what are the reasons, what should be expected if there's any change in strategy," Crabb told CNBC's "Squawk Box" on Monday.
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