TUESDAY 6 AUGUST 2019HSBC boss in shock exit as
bank plans to axe 4,700 jobs
Up to 2 per cent of the bank’s workforce is set to go amid cost-cutting (AFP/Getty)
BEN CHAPMAN
HSBC is set to slash up to 4,700 jobs after the lender announced the shock departure of its chief executive,
warning of a “challenging global environment”.
It’s chief financial officer Ewan Stevenson said in a call with investors yesterday that up to 2 per cent of the
bank’s workforce will go, with the focus likely to be on senior roles as the company seeks to cut salary costs
by around 4 per cent. The bank would not give any further details on where the axe may fall.
The departures include chief executive John Flint, who has stepped down from the top job after just 18
months with HSBC, with the decision made “by mutual agreement with the board”. HSBC’s commercial