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

The bank said in statement Thursday that Flint, who currently heads up retail banking and wealth management, will take the job on Feb. 21.

Chairman Mark Tucker says Flint has "great understanding and regard for HSBC's heritage, and the passion to build the bank for the next generation."

Flint says he's "humbled by the responsibility." He has represented the group in Hong Kong, Singapore, Indonesia, Thailand, India, Bahrain, the United States and the United Kingdom.

HSBC is carrying out a sweeping overhaul to increase profitability. That includes shedding thousands of workers and exiting some markets in order to focus even more on Asia.