HSBC Fires CEO John Flint, Planning to Cut 4,000 Jobs
Aug 6, 2019
HSBC Holdings Plc abruptly ousted its chief executive officer after just 18 months, citing an “increasingly complex” environment, and announced a new round of job cuts.
The exit of John Flint, a 51-year-old who started at HSBC as a trainee, highlights tension with Chairman Mark Tucker, known to be a hard-charging executive who was the first outsider to fill the post in the bank’s 154-year history.
Noel Quinn, head of global commercial banking, will assume the CEO post on an interim basis, HSBC said along with its first-half earnings. The bank has never installed an outsider as CEO, and other internal candidates could include Chief Financial Officer Ewen Stevenson and Antonio Simoes, head of global private banking.
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