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Wednesday, May 29, 2024

HSBC Bank. CEO Noel Quinn is stepping down

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HSBC Group CEO Noel Quinn is leaving unexpectedly after almost five years in the role. He spent 37 years with the company.

Europe's largest bank said it was searching for a successor to 62-year-old Quinn, who will remain in this position until a new CEO is appointed. HSBC considers candidates from both within and outside the company.

Quinn's departure comes after HSBC reported a 1.8% decline in profit. for the first three months of 2024 compared to the same period last year.

The company reported that its pre-tax profit for the period was $12.7 billion, which was slightly better than market analysts expected.

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Intensive 5 years

“After five intense years, the time is right for me to focus on a better work-life balance,” Quinn said.

Noel Quinn, CEO of HSBCAndres Kudacki/Associated Press/East News

Quinn, who has been with HSBC for 37 years. He was first appointed interim chief executive in 2019, following the ouster of his predecessor John Flint. In March 2020, he took over the bank permanently.

“Quinn has led both our transformation strategy and created a simpler, more focused business that delivers higher returns,” said HSBC CEO Mark Tucker.

HSBC focuses on Asia

HSBC recently completed the sale of its Canadian operations and announced plans to do the same with its Argentina operations. The moves are part of the London-based bank's efforts to focus more on faster-growing Asian markets.

Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC's Today program that “it's probably been a very intense five years” and that Quinn “has had a very long career.” She noted that Quinn reshaped the bank during his time at the top through actions such as selling HSBC's Argentine business, leaving Canada and intensifying its operations in Asia.

“What he has accomplished will likely have a ripple effect and set the path for their success for several years to come,” she added.

Main photo source: Shutterstock



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