HSBC group’s chief executive Noel Quinn is retiring unexpectedly and stepping down.
Europe’s largest bank says that they are in search of a successor for Mr Quinn. Quinn will continue to remain in the position until a new successor is named. This news comes days after the company releases the Q1 2024 Earnings.
Quinn’s resignation
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,”
Quinn has worked at HSBC for 37 years, appointed as Chief Executive Officer (CEO) on an interim basis in 2019. He joined after his predecessor; John Flint was ousted from his role. In March 2020, he was appointed on a permanent basis.
“[Mr Quinn] has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns,” HSBC’s chairman Mark Tucker said.
Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC’s Today programme that it “has probably been a very intense five years” and that Mr Quinn “has had a very long career“.
She appreciated Mr. Quinn has change in the shape of the bank during his time by actions like selling HSBC’s Argentina business, leaving Canada and stepping up Asia operations.
“What he’s done will probably reverberate and determine the path of their success for certainly several years to come,” she added.
HSBC’s recent Earnings release
The profit before tax for the business was reduced by $0.2 billion to $12.7 billion. This included gains from the completion of the disposal of our banking business in Canada, partly offset by a $1.1 billion impairment recognised in Q1 24 following the classification in Argentina as held for sale.
Revenue increased by 3 per cent to $20.8 billion including acquisitions and disposal. Net interest income fell by $0.3 bn and non-interest income increased by $0.9 bn.
The board approved an interim dividend of $0.10 per share. Following the sale in Canada, a special dividend of $0.21 per share was approved by the board.
