HSBC Preps Cost Cuts as CEO Flint Scolds Senior Bankers
- Bank is reviewing costs across its business units: sources
- Executive called out some of his top team’s ‘incompetence’
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HSBC Holdings Plc has started a cost review that could lead to job cuts, as Chief Executive Officer John Flint rebuked top managers at a meeting in Hong Kong last month for missing revenue and cost targets, according to people familiar with the matter.
About 400 executives attended the global conference where Flint called out leadership for “incompetence” and discussed their inability to keep a rein on expenses, according to the people, who asked not to be named discussing a matter that’s not been publicly disclosed. The bank has asked some senior managers to identify where they can make potential savings including job reductions in a program named “Project Oak,” they said.