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. He 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.
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Quinn, who became chief executive when John Flint was ousted in 2019, 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.”
The HSBC chair, Mark Tucker, said Quinn “has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns”.
HSBC sold its Argentina business after completing the sale of its Canadian operations last month.
More details soon …