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HSBC Ousts CEO Flint, Plans 4,000 Job Cuts in Focus on Cost Targets

  • John Flint’s departure was announced after 18 months in role
  • Lender plans 4,000 job cuts, or 2% of workforce, CFO says
The HSBC Holdings Plc headquarters building in Hong Kong.

The HSBC Holdings Plc headquarters building in Hong Kong.

Photographer: Paul Yeung/Bloomberg
Updated on

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.