HSBC holds off naming of CEO

HSBC is gearing up for a major strategic change later this month and has decided not to name a permanent CEO yet, as opposed to investors’ projections that the new chief executive owuld be announced prior to the restructuring plan. 

Noel Quinn, the interim CEO of the bank who took up his position about six months ago, is planning to announce a strategic overhaul during the banking giant’s full-year resultrs on Feb. 18. 

The restructuring plan is a cost-cutting initiative that will target senior managers and also reduce the bank’s footprint in smaller markets, according to reports from Reuters. According to media reports the job loss could amount to upto 10,000 jobs. 

Previously, Mark Tucker, HSBC Chairman, had announced that the search for John Flint’s replacement would take about six to 12 months. Flint had been ousted in August 2019 after just 18 months in the role of chief executive. 

The banking giant is the middle of a major restructuring drive and cost-cutting efforts in addition to cracking the code of simple job roles so as to reduce any redundancies in the organization. However, it remains to be seen as to who might take over the leader’s position that is Chief Executive role of a conglomerate during uncertain times and new plans.