HSBC on Monday said its Group Chief Executive John Flint had stepped down as the bank braces for geopolitical uncertainties.

The announcement came as the banking giant reported pre-tax profit was up 15.8 per cent at USD 12.4 billion for the first half of the year.Adjusted pre-tax profit also rose 6.8 per cent year-on-year to USD 12.5 billion, the bank said.

Flint’s departure was revealed as HSBC said it was facing an “increasingly complex and challenging global environment”.“Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition,” the bank said in a statement.