Noel Quinn: HSBC chief executive unexpectedly steps down after 'intense' five years

HSBC's group chief executive, Noel Quinn, has unexpectedly announced his retirement after leading the company for nearly five years. The bank, being Europe's largest, is currently engaged in the search for his successor, with Mr Quinn, aged 62, remaining in his position until a replacement is appointed. Both internal and external candidates are being considered for the role.

This announcement coincides with a slight decline in the bank's profit for the first quarter of 2024 compared to the previous year. Despite this, HSBC reported a pre-tax profit of $12.7 billion (£10 billion) for the period, slightly exceeding market expectations.

Speaking of his departure Mr Quinn 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.”

Having served at HSBC for 37 years, Mr Quinn initially assumed the role of chief executive on an interim basis in 2019, following the departure of his predecessor, John Flint. He was confirmed as permanent CEO in March 2020.

Mark Tucker, HSBC's chairman, praised Quinn's leadership, saying: "(Mr Quinn])has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns."

In addition to the financial results, HSBC announced an interim dividend payout to investors and plans for a share buyback of up to $3 billion. The bank has recently divested its operations in Canada and announced intentions to do the same in Argentina, aligning with its strategy to concentrate on high-growth markets in Asia.

Shanti Kelemen, chief investment officer at M&G Wealth spoke about significant changes Mr Quinn implemented during his time as CEO. She said that he had changed the shape of the bank during his time at the top, including selling HSBC's Argentina business, leaving Canada, and stepping up Asia operations. She added: “What he's done will probably reverberate and determine the path of their success for certainly several years to come.”