Skip to the content
Skip to the main menu
The chief executive of HSBC has stepped down after less than two years in the job, as the bank
ing giant revealed solid first half profits but warned it faced “challenging” geopolitics.yabo2018体育千花网女神会所
The bank has also said it could cut nearly 5,000 jobs due to a weaker outlook, and the depar
ture of John Flint comes as trade-war tensions flare between the United States and China.yabo2018体育千花网
Under Flint’s leadership, the bank has pivoted to Asia, which
accounted for more than half of its operating income in the second quarter.
HSBC Chairman Mark Tucker said talks over Flint’s future had been “going on for a while” and the decision was not taken lightly.yabo2018体育千花网女神会所
“In the increasingly complex and challenging global environment in which the bank op
rates, the board believes a change is needed to meet the challenges that we face and to capture the very s
yabo2018体育千花网ignificant opportunities before us,” Tucker said. “This is a decision about the future.”
HSBC said it would look both internally and externally for a new leader and that Noel Q
uinn, head of the commercial banking division, will be interim CEO in the meantime.yabo2018体育千花网
The 51-year-old Flint ran the bank’s retail and wealth management business be
fore taking over as chief executive last year. At that time, he was seen as a safe choice for theyabo2018体育千花网女神会所
top job and was known to be the favored selection of his predecessor, Stuart Gulliver.
yabo2018体育千花网In an interview with the Financial Times on Monday, Tucker said: “This had noth
ing to do with personalities; this was a unanimous decision of the non-executive directors.”
Tucker denied that Flint was opposed to new cost cutting plans, which HSBC revealed on Monday would result in up to
4,700 job cuts, or 2 percent of its 237,685-strong global workforce. The move is eyabo2018体育千花网女神会所
xpected to hit senior staff the hardest, helping reduce salary costs by as much as 4 percent.
HSBC made the surprise announcement as it reported a 15.8 percent rise in pretax profit to $12.4 billion for the six months to June 30.