HSBC says John Flint out as CEO after 18 months

LONDON (AP) — HSBC has announced the surprise departure of CEO John Flint after 18 months in the job, saying the bank needs new leadership.

HSBC Holdings PLC said Monday that Flint stepped down because "a change is needed" to meet challenges.

Flint spent almost 30 years at HSBC before being named CEO last year.

A statement by HSBC chairman Mark Tucker said, "the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us."

The bank said its chief executive of global commercial banking, Noel Quinn, will serve temporarily as CEO while HSBC looks for a permanent replacement.