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HSBC announces 4,000 job cuts

HSBC is set to slash 4,000 jobs, according to reports, after the lender announced the shock departure of its chief executive on Monday, warning of a “challenging global environment”.

John Flint has stepped down from the top job after just 18 months with HSBC providing no specific reasons for the move. The AFP new agency first reported the 4,000 job cuts.

The decision made “by mutual agreement with the board“ brings to an end Mr Flint’s 30 years at HSBC .

HSBC’s commercial banking boss Noel Quinn will take over as interim chief executive while the lender seeks a permanent replacement both internally and externally.

“Although not carrying out his day-to-day duties after today, he remains available to assist HSBC with the transition,” the bank added on Monday.

The outgoing boss is entitled to a years’ salary and is eligible for a bonus based on 2019 performance. It is not yet clear how much he will collect in total after leaving the bank but HSBC confirmed he had “good leaver status” meaning that he is entitled to keep long-term share options and other benefits.

Good leaver status is generally conferred by employers only when a staff member has not been found guilty of misconduct.

The surprise announcement was delivered alongside HSBC’s latest half year results with pre-tax profits up 15.8 per cent to £12.4bn (£10.2bn).

Mr Flint said: “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.”

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