The recent exit of HSBC’s CEO following a 4-percent increase in pre-tax profits demonstrates «increased ruthlessness» among the bank’s top directors, according to S&P Global Ratings.

«The revamp of key positions indicates that the board has become less tolerant of relative financial underperformance, in our view,» according to an S&P bulletin published on yesterday, referring to the exit of near 30-year HSBC career banker John Flint after just 18 months at the CEO position.

«Still, we don't believe this ruthlessness suggests a broader strategic shift away from its approach to its balance sheet, which is generally more prudent and disciplined than most global banks.»

The latest revelation in the bank's prudent and disciplined strategy involves axing 2 percent of its jobs or nearly 5,000 employees alongside several other cost-cutting initiatives.

«We’re going to need a different person»

HSBC Chairman Mark Tucker stressed that the decision for Flint to step down was mutual, unanimous and had no links with disagreement over strategy, job cuts or personality. 

«We made the best decision at the time. John has done a good job taking the organization forward,» Tucker said. «But, there’s a belief the environment we’re going into needs a different person to be able to take that forward.»

Noel Quinn’s appointment as interim CEO, currently head of global commercial banking, was repeatedly attributed by Tucker to «pace, ambition and decisiveness». The bank will seek internal and external candidates in the next six to 12 months while Tucker, a former CEO of Prudential and AIA Group, rejecting the potential of taking over the helm himself.