After a lifetime working his way up the rungs at HSBC, John Flint managed to muck things up so royally that he was escorted out after just 18 months in the top job. Still, five months later the stench in the boardroom is so great that a number of other longtime veterans infected by it now have to go, as well.

The British bank confirmed that Samir Assaf, its longtime global banking and markets chief executive, will leave his job in March and become chairman of corporate and institutional banking…. Other changes include the departure of a 14-year veteran, Marc Moses, who is leaving the bank’s board and his job as chief risk officer next month, to be replaced by Pam Kaur, head of wholesale market and credit risk. The bank said Chief Operating Office Andy Maguire will give up his role as of January, having helped HSBC find his replacement, former Hewlett Packard executive John Hinshaw.

Their replacements will be working on a new plan for HSBC that will ensure their predecessors are to be joined by many, many others in seeking new employment.

In Mr. Quinn’s brief tenure, the bank has accelerated plans to sell its French retail bank and is shedding thousands of jobs to lower costs.

HSBC is readying for a fresh phase of restructuring that will likely see it exit more countries and businesses.

HSBC Cuts More Top Executives in Strategy Shift [WSJ]


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HSBC Hires Last CEO

Noel Quinn won’t be saddled with the term interim when society finally collapses in a couple of weeks.

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HSBC Bankers Now Have Two Bosses To Bitch About And Plot Against

Now, maybe the bank will only be a “persistent failure” half the time.

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HSBC Doesn’t Need One In Seven Of You, Especially If You Work In London Or The U.S.

If you’re not an HSBC employee currently worried about coronavirus, you should be worried about your job.

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HSBC Violates Your Natural/Moral/Legal/Constitutional/Biblical Right To An HSBC Bank Account While Killing HSBC Employees

It definitely says “Thou shalt not cancel my checking account in absence of a mask” in one or all of those.

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HSBC CEO Would Rather Answer Awkward Questions From British Members Of Parliament Than Chinese Bureaucrats

But Noel Quinn’s not a political man so he’d rather not get in to the obvious implications of that choice.

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HSBC Really Doesn’t Like It When Mommy And Daddy Fight

Mommy and Daddy in this case being China and the U.S.

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HSBC Encouraging Those I-Bankers Who Can To Leave And The Rest To Just Slack Off

Luckily, under its current plan, there will be no need for another awkward conversation on the matter next year.