UK mega-bank HSBC Group Chief Executive Noel Quinn is stepping down
Icumbent Noell Quinn is stepping down after 5 years at the top
Dubai: The HSBC Group's Noel Quinn is retiring from his current role as Chief Executive. He had been in the position for nearly 5 years. has informed the Board of his intention to retire from the Company after nearly five years in the role.
During his tenure, HSBC delivered 'record profits and the strongest returns in over a decade', the UK bank said in a statement. It was a period marked by consolidation and a continuing push into China and key Asian markets. There was also the recent sale of HSBC's Canada and Argentina operations.
Quinn has agreed to remain available through the end of his 12-month notice period (which ends on April 30, 2025).
"I never imagined when I started 37 years ago that I would have the honour of becoming Group Chief Executive of this great bank," said Quinn, who joined the bank in 1987. "I am proud of what we have achieved...
"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.”
The Board of Directors has launched the formal process to find a successor, 'considering both internal and external candidates'. Quinn will continue as Group Chief Executive 'during this process to ensure a smooth and orderly transition'.
I never imagined when I started 37 years ago that I would have the honour of becoming Group Chief Executive of this great bank
Revenue growth, profit declines
The news of the retirement comes just as HSBC reported revenues of $20.8 billion, up by 3 per cent for the first quarter. The revenue growth shows the impact of ‘higher customer activity in our wealth products in wealth and personal banking’, the bank said. There were also gains from equities and securities financing, which ‘in part mitigated a reduction in FX revenue’.
The profit before tax for the period decreased by $200 million to $12.7 billion. This included a $4.8 billion gain following the completion of the disposal of the banking business in Canada, but partly offset by a $1.1 billion impairment recognised in Q1-24 following the 'classification of our business in Argentina as held for sale'.