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HSBC fired its chief executive, John Flint, just 18 months after taking office, in a shocking move that, according to the president of the largest bank in Europe, was needed to accelerate progress in priority areas such as the exit of the activities of US banks. A source close to the case said the departure of the managing director was sparked by a disagreement with President Mark Tucker about Flint's increasingly reluctant approach to cutting costs and setting revenue targets for executives to stimulate earnings growth. The bank yesterday announced the removal of approximately 4,000 jobs as part of a new restructuring. "We announced a restructuring of 2% of our workforce, or 4,000 jobs," said CFO Ewen Stevenson. He pointed out that canceled posts "would target senior officials".
The 51-year-old journalist reportedly announced the results of his work for the first half of the year, while he expects darker prospects for his business while the trade war Sino-US strengthens, Stability on its main business market in Hong Kong, as well as Britain's exit from the EU.
HSBC, which earns more than 80 percent of its Asian revenue, said World Commercial Bank division chief Noel Quinn would badume the role of acting chief executive.
HSBC shares, which plunged 14% during Flint's term, fell 2% in London, although the bank recorded a 16% increase in profits and revealed a buyout of more than $ 1 billion.
The source said the main dispute with Tucker was about Flint's efforts to stop the bank's demotion activities in the US and revealed that HSPC had declined to comment.
HSBC's pre-tax profits increased to $ 12.41 billion in the first six months of 2019, compared to $ 10.71 billion for the same period last year, driven by higher revenues retail and retail trade in Asia.
"Interest rates in the dollar denominated block should now go down rather than increase, and geopolitical issues could affect many of our major markets," HSBC said. (Reuters, AFP)
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