HSBC boss to quit after just five years
Quinn eyes ‘rest and relaxation’ after shock exit from lender
HSBC chief executive Noel Quinn is stepping down after an ‘intense’ five years in charge of the bank where he has worked for nearly four decades.
Quinn has overseen a transformation of the lender that included cutting 35,000 jobs and propelling it to record profits last year.
But announcing his decision to retire yesterday, he said he wanted ‘to get a better balance between my personal and business life’.
He first joined Britain’s Midland Bank in 1987 before it was swallowed up by HSBC, which has its origins in Hong Kong but is based in London.
Chairman Mark Tucker said it has already begun the search for a successor which it aims to complete by the second half of the year.
Quinn, 62, said he came to his decision after reflecting over the Christmas and New Year period. He added: ‘It’s been a phenomenal 37 years in the bank.
‘But in that 37 years I haven’t had much of a break and this is a chance now to have a break.’
He added: ‘I think the timing works having achieved the successful transformation that we set out on.’
Quinn said he intended to have a period of ‘rest and relaxation’ before moving on to a portfolio career, which means taking up directorships in boardrooms.
The announcement came as the bank reported a 2pc fall in first quarter profits to £10.1bn – though that was slightly better than expected. Quinn has seen HSBC through the Covid crisis and a bruising battle with investor Ping An, which called for a break-up.
His departure threatens to revive pressure from some shareholders for a split.
Simon Yuen, Hong Kong-based founder of Surich Asset Management, said Quinn’s successor should have ‘vast experience in Asian and Middle East markets’.
Quinn has also led the bank, which has a strong presence in China, through a time of tensions between Beijing and the West as well as deepening repression in Hong Kong.
But he has improved returns by pulling HSBC out of underperforming divisions, including retail banking in the US and France, and its entire operations in Canada and Argentina.
Shares have risen by around 30pc during his period in charge and they were up 4.1pc yesterday. Quinn, an Aston Villa supporter, may well be spending more time watching his football team once he steps down.
He said his footballing allegiance was the only point of difference between himself and Tucker, a Chelsea fan.
Quinn has been paid more than £27m in salary, bonuses and benefits since he started leading the bank – initially on an interim basis – in 2019.