The Press and Journal (Aberdeen and Aberdeenshire)
HSBC chief is to retire following ‘intense five years’ of leading bank
HSBC’s chief executive is to retire from the bank unexpectedly.
Noel Quinn, who has been at the helm of the global banking giant since 2019, will remain in the post for up to a year until his replacement is found.
The company said it has begun the process of finding his successor and hopes to make an appointment in the second half of the year.
Mr Quinn said it has been a “privilege” to lead the business.
“I never imagined when I started 37 years ago that I would have the honour of becoming group chief executive of this great bank,” he 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 said he made the decision after taking time out at Christmas and told chairman Mark Tucker of his plans in March.
He said: “It’s been a phenomenal 37 years with the bank, but in that 37 years I haven’t had much of a break.”
He added that the next phase for HSBC will be a “multi-year journey” and that now is a “natural transition point for the bank” and a “natural transition point for me”.
Mr Tucker thanked Mr Quinn for leaving the bank in a “strong position”. Mr Tucker said:
“Noel has had a long and distinguished career and we are very grateful for his significant contribution. He has driven our transformation strategy and created a simpler, more focused business that delivers higher returns.”
It comes as the bank reported first-quarter results showing pre-tax profits fell nearly 2% to 12.7 billion US dollars (£10.1bn), as a hit from the sale of its Argentina business was offset by a gain from offloading its Canadian business.
Profits were slightly higher than expected, helping shares lift 3% in trading early yesterday.
HSBC’s net interest income – the difference between what it generates from loans and pays out for deposits – fell by 3%, or 300 million US dollars (£239m), to 8.7bn US dollars (£6.9bn). The bank posted a 3% or 600bn US dollar (£478bn) rise in revenues, to 20.8bn US dollars (£16.5bn).