The chief executive of HSBC, Noel Quinn, is unexpectedly stepping down after an “intense” five years in the role, as the bank reported better-than-expected profits.
Europe’s largest bank has kicked off a search for a successor and said Quinn, 62, will stay in the post until a new chief executive is found. It is looking at both internal and external candidates. Quinn is an HSBC veteran who joined the bank in 1987.
The London-based lender reported an 1.8% drop in pre-tax profit to $12.7bn (£10.1bn) in the first three months of 2024, better than analysts had forecast. Revenues increased by 3% to $20.8bn. HSBC said it would buy back up to $3bn of its shares.
Quinn became chief executive, initially on an interim basis, when John Flint was ousted in 2019 after just 18 months. He immediately had to navigate the bank through the pandemic after being made permanent in March 2020, and slashed 35,000 jobs to save £3.5bn a year. Under his leadership, the board fended off demands from top shareholder Ping An to split off HSBC’s Asian business.
Quinn said: “After an intense five years, it is now the right time for me to get a better balance between my personal and business life.”
He added that he would “take a breather” and spend some time with his extended family, and would consider other opportunities once “I’ve had a rest”.
Source: Theguardian
