HSBC Holdings on Monday announced the surprise departure of Chief Executive John Flint after just 18 months, saying that new leadership was needed at the bank as economic uncertainty grows and that it was cutting some 4,000 jobs to reduce costs.
London-based HSBC said Flint stepped down by mutual agreement. Noel Quinn, the bank’s CEO of global commercial banking, will serve as interim CEO while the bank looks for a permanent replacement.
The bank on Monday reported second-quarter profits of $4.4 billion, up 7% from the same period last year, but it warned that “geopolitical issues could impact a significant number of our major markets.” Economic growth is expected to slow in the United States and China amid the U.S.-China trade war. Asia accounts for 80% of HSBC’s profits. And Britain is preparing to leave the European Union on Oct. 31, raising uncertainty for the London-based business.
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