<p>HSBC on Monday announced the shock exit of Chief Executive John Flint, as the bank giant revealed decent first half profits but warned of "challenging" geopolitics.</p>.<p>The London-headquartered lender gave no reason for Flint's sudden departure after less than two years in the job, but said it needed a change at the top and warned investors of difficult times ahead.</p>.<p>"HSBC Holdings plc announces that John Flint has today stepped down as Group Chief Executive and as a Director by mutual agreement with the board," read a statement.</p>.<p>"Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition."</p>.<p>The exact amount Flint will get as a payoff remains unknown until he leaves, HSBC added.</p>.<p>The surprise news came shortly before HSBCreported first-half net profit up 18.6 percent at $8.5 billion (7.6 billion euros) from a year earlier -- but cautioned over dark clouds on the horizon.</p>.<p>"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," said Chairman Mark Tucker in comments that hinted at a forced departure.</p>.<p>Flint, 51, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union.</p>.<p>"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," said Flint.</p>.<p>HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime.</p>.<p>"Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBCwith the transition," the bank said in a statement.</p>.<p>The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business.</p>.<p>Flint's departure came despite good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter.</p>.<p>The bank also said it would soon begin a buyback of its shares worth up to $1 billion, according to a statement.</p>.<p>But there are headwinds on the horizon.</p>.<p>In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain".</p>.<p>Brexit was also weighing on the bank's future.</p>.<p>"The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said.</p>.<p>"In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain.</p>.<p>"We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.</p>.<p>In early morning London deals, HSBC shares slid 0.8 percent to 641 pence on the FTSE 100 index, which was down 1.8 percent in value overall.</p>
<p>HSBC on Monday announced the shock exit of Chief Executive John Flint, as the bank giant revealed decent first half profits but warned of "challenging" geopolitics.</p>.<p>The London-headquartered lender gave no reason for Flint's sudden departure after less than two years in the job, but said it needed a change at the top and warned investors of difficult times ahead.</p>.<p>"HSBC Holdings plc announces that John Flint has today stepped down as Group Chief Executive and as a Director by mutual agreement with the board," read a statement.</p>.<p>"Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition."</p>.<p>The exact amount Flint will get as a payoff remains unknown until he leaves, HSBC added.</p>.<p>The surprise news came shortly before HSBCreported first-half net profit up 18.6 percent at $8.5 billion (7.6 billion euros) from a year earlier -- but cautioned over dark clouds on the horizon.</p>.<p>"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," said Chairman Mark Tucker in comments that hinted at a forced departure.</p>.<p>Flint, 51, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union.</p>.<p>"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," said Flint.</p>.<p>HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime.</p>.<p>"Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBCwith the transition," the bank said in a statement.</p>.<p>The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business.</p>.<p>Flint's departure came despite good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter.</p>.<p>The bank also said it would soon begin a buyback of its shares worth up to $1 billion, according to a statement.</p>.<p>But there are headwinds on the horizon.</p>.<p>In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain".</p>.<p>Brexit was also weighing on the bank's future.</p>.<p>"The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said.</p>.<p>"In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain.</p>.<p>"We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.</p>.<p>In early morning London deals, HSBC shares slid 0.8 percent to 641 pence on the FTSE 100 index, which was down 1.8 percent in value overall.</p>