Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
HSBC’s chief executive Noel Quinn is retiring, the bank said on Tuesday.
“After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward,” said Quinn in a statement.
The bank’s board said it had begun a formal process to find a successor, considering internal and external candidates.
“The Board would like to pay tribute to Noel’s leadership of the company,” said chair Mark Tucker. “Noel has had a long and distinguished 37-year career at the bank and we are very grateful for his significant contribution to the group over many years.”
Quinn’s plan to leave was announced as the UK-based lender said pre-tax profits for the first three months of 2024 were $12.7bn, slightly beating analysts’ expectations of $12.6bn.
The bank’s net interest margin, a crucial measure of lending profitability, rose to 1.63 per cent compared with the previous quarter, the result of higher interest rates.
Under Quinn, the bank has sold off parts of its global operations to focus on its heartland in Asia.
The bank this quarter took a $1.1bn hit due to the sale of its Argentina business to domestic banking group Grupo Financiero Galicia but booked a gain of $4.8bn from closing the sale of its Canada business this year.
HSBC also announced new share buybacks worth up to $3bn.
