HSBC to cut 4K jobs, oust boss

John Flint
Image copyrightGETTY IMAGESImage captionJohn Flint is giving up the role he held for 18 months “by mutual agreement with the board”

The chief executive of HSBC has stepped down after the bank said it needed a change in leadership to address a “challenging global environment”//AIWA! NO!//

HSBC says it will cut around 4 000 jobs, or 2% of its workforce, while Chief Executive John Flint is stepping down after less than two years on the job. The bank pointed to the need for a change in leadership to address a “challenging global environment.” The lender has been grappling with digital disruption, trade and geopolitical tensions and a slow turnaround in its U.S. business. Fellow European lenders Barclays and Societe Generale have also announced job cuts recently.

The bank’s structural adjustment comes barely 2 weeks after  announced plans to layoff 18,000 professionals, as a result of deteriorating business conditions at the bank. Also, plans to lay off hundreds of people. This announcement is consistent with a trend in downsizings at major banks, due to declining revenue across the industry and digitalization.

John Flint is giving up the role he has held for a year-and-a-half “by mutual agreement with the board”.

He will immediately cease his day-to-day responsibilities at HSBC, but will help with the transition as Noel Quinn takes over as interim chief executive.

Chairman Mark Tucker thanked Mr Flint for his “commitment” and “dedication”.

However, he said: “In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”

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