HSBC boss Quinn to depart after 'intense' five years as profits ease
30 April 2024, 04:37 | Updated: 30 April 2024, 07:16
Noel Quinn, the chief executive of HSBC, is to retire following an "intense" five years in the role.
The announcement, which was seen as a surprise among financial market analysts, was made as the London-based but Asia-focused lender revealed a small drop in quarterly profits.
Despite that, HSBC confirmed a series of shareholder rewards including a broader share buyback.
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The bank said it had begun the search for Mr Quinn's successor and he had agreed to remain in post until that person had replaced him.
He would remain available through to the end of his 12-month notice period, the bank added, which is due to expire on 30 April next year.
Mr Quinn said of his looming departure: "After an intense five years, it is now the right time for me to get a better balance between my personal and business life.
"I intend to pursue a portfolio career going forward," he concluded.
Mr Quinn has led HSBC since 2019 when he took over, first on an interim basis, following the abrupt departure of John Flint who was ousted by the board amid differences over the style and pace of change needed at the lender.
Mr Quinn has presided over a series of asset sales to tighten HSBC's focus on growth markets, particularly in China.
It has sold its French retail business, Canadian operations and, more recently, agreed the sale of its business in Argentina.
In its separate results statement, the bank reported pre-tax profits of $12.7bn for the first three months of the year - slightly higher than analysts had been expecting.
It was however down on the $12.9bn sum reported in the same period last year.
Like UK rivals, its bottom line has been squeezed by rising costs and increased competition for customers.
HSBC announced two dividends.
One was a special award on the back of its French retail bank sale but HSBC said it was also due to complete $3bn worth of share buybacks.
That was on top of the $2bn in share purchases announced in February.
HSBC shares were flat in Hong Kong trading reflecting, analysts said, the departure of Mr Quinn.
(c) Sky News 2024: HSBC boss Quinn to depart after 'intense' five years as profits ease
