HSBC's wealth management head John Flint to be its next chief exec

The Barbados hotels owner said that bookings are currently ahead of the same period last year

London-based bank HSBC says John Flint will be its new chief executive, replacing the retiring Stuart Gulliver.

Flint will succeed Stuart Gulliver as executive director and group chief executive upon Gulliver's retirement next year on 21 February.

"Stuart has led HSBC through a challenging and hard period with great energy and commitment and successfully reshaped the business strategy of the bank", Tucker said of Gulliver on Thursday.

"He has a great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation", Mr Tucker said in a statement.

'Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead'. Flint will be owner of a pension allowance of £360 million in new office, as well as a net base salary of £$1.2 and £1.7 million in fixed allowance.

Flint says he's "humbled by the responsibility".

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Gulliver has meanwhile said that HSBC would likely switch 1,000 jobs to Paris from London owing to Britain's eventual departure from the European Union.

"Since January 2011 the bank has paid 60.7 billion dollars in dividends, announced an additional 5.5 billion dollars of share buybacks, and delivered a total shareholder return of 66.8%".

In August previous year, HSBC abandoned a timetable for achieving that target, as increased regulatory requirements on capital, low interest rates and rising competition from low-cost competitors put pressure on lenders' profits worldwide.

'My primary role as Group CEO is stewardship and to hand the company to my successor in better shape than when I started.

Mr Flint's main task will be to grow revenues across HSBC's businesses, as Europe's biggest bank seeks to grow profits again following a period of restructuring after the 2008-2009 financial crisis.

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