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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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