HSBC wealth chief Thurston to retire

HSBC's wealth management and retail banking chief Paul Thurston has announced his retirement.

Thurston has enjoyed a 37-year career with HSBC, and hands over his group managing director and retail banking and wealth management (RBWM) chief executive responsibilities to John Flint, currently the group head of strategy and planning and chief of staff to the group chief executive.

'Paul had planned to retire two years ago but stayed on at my request to help establish RBWM as a globally managed business,' said Stuart Gulliver, group chief executive, as he announced Thurston's departure to investors.

'Under Paul's leadership RBWM has developed and rolled out consistent business models across multiple markets as part of a new, highly targeted strategy to build a global business,' Gulliver (pictured) added.

Thurston, 59, started his career at the bank in 1975, working in the UK where he served in a range of roles.

He moved to Hong Kong in 2000 to lead retail banking and in 2007 was appointed chief executive officer (CEO) of HSBC Mexico.

Thurston then became co-head of Latin America before returning to Britain in 2008, taking up the role of UK banking managing director.

Shortly afterwards he was appointed CEO of HSBC Bank and took up his current role as CEO of RBWM in March 2011.

The handover from Thurston to Flint will take place on 1 January 2013.