Page 27 - HSBC (D) Case Study

Source: FT (18)

Under Flint and Gulliver's leadership, by 2018, HSBC had
simplified its organizational structure and reduced its

workforce by about 17 percent to 257,000. (16) Flint and

Gulliver had already pulled the bank out of 77 countries

or businesses through sales or closures since becoming

CEO. They had cut more than $5 billion in annual costs

which allowed HSBC to devote greater resource to its

strengths, namely its Asian and commercial banking

business. (17)

Gulliver believed that by hitting most of the targets set

since 2015, he had disproved the argument that the bank

should be broken up. “I think we have also dealt with the

investor concern and the regulatory concern that it is too

big to manage,” he said. (18)