Douglas Flint

HSBC said profits were up in the first half of the year after a turbulent 2016 which saw huge writedowns and restructuring costs as it laid off thousands of staff.

The Asia-focused giant has been on a recovery drive over the past two years, streamlining its operations and exiting unprofitable businesses.

Banking giant HSBC announced the appointment of a new chairman on March 13 as part of a management overhaul which will also see it choose a new CEO, after a massive drop in profits in 2016.

British businessman Mark Tucker will take over from current chairman Douglas Flint in October. Tucker is currently group chief executive and president of insurance group AIA.

HSBC has decided to retain its Turkish operations after the offers it received for the unit were deemed not to be in the best interest of shareholders, Group CEO Stuart Gulliver said in a statement on Feb. 22.

HSBC has decided to retain its Turkish operations after the offers it received for the unit were deemed not to be in the best interest of shareholders, Group CEO Stuart Gulliver said in a statement on Feb. 22.

HSBC Holdings, Europe's biggest bank, will review whether to move its headquarters out of Britain, potentially dealing a blow to a country trying to balance tighter regulation with the importance of the financial industry to its economy.