[ad_1]
HSBC fired its chief executive, John Flint, just 18 months after taking office, said the president of Europe's largest bank, which was expected to accelerate progress in priority areas such as layoffs. The activities of the US bank since its stumbling block.
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.
Aged 51, he announced that he would announce his first-half results, hoping that his activities will be darker as the Sino-US trade war intensifies, easing his policy. Cash and volatility 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 fell by around 14% during Flint's tenure, fell 2% in London, although the bank recorded a 16% rise in profits and revealed a buyback of more than 50%. One billion dollars.
Flint, who was responsible for retail banking and wealth management at HSBC in London, was appointed chief executive of the bank in February 2018, the first major decision for Tucker.
"It's the right time for change," Tucker told Reuters. It is very important to make it clear, decisively and in a strong position. "
The source said the main dispute with Tucker was about Flint's efforts to shut down the bank's downstream activities in the United States. HSBC declined to comment.
HSBC's pre-tax profits for the first six months of 2019 were $ 12.41 billion compared to $ 10.71 billion for the same period last year, driven by higher retail and retail revenues. of retail 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.
The trade war between the United States and China has had a negative impact on banks that focus on trade, such as HSBC and Standard Chartered, who warned last week that their customers had been hit by rising tensions .
(Reuters)
Source link
