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John Flint steps down as HSBC CEO

HONG KONG – HSBC CEO John Flint is stepping down after just 18 months on the Job.

The bank announced on Monday the departure of CEO John Flint with a plan to cut down 4000 jobs to reduce costs. The bank has over 200,000 employees.

“I have agreed with the board that today’s good interim results indicate that this is the right time for change, both for me and the bank.” The former CEO said in a statement. Flint resigned by “mutual agreement with the board” and Noel Quinn the chief executive of global commercial banking, will fill the top job as an interim until there is a permanent replacement.

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