HSBC chief Noel Quinn to step down after ‘intense’ five years

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.

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 …