HSBC chief executive Noel Quinn to retire after five years in the role

30 April 2024 , 07:28

1417     0

HSBC group chief executive Noel Quinn to retire from role (Image: PA Wire/PA Images)

HSBC group chief executive Noel Quinn is set to retire from his role after nearly five years, the company has confirmed.

The banking giant revealed that Mr Quinn had informed the board of his intention to step down, with HSBC group chair Mark Tucker expressing gratitude for leaving the bank in a "strong position".

"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," Mr Tucker said. "He has driven our transformation strategy and created a simpler, more focused business that delivers higher returns. The bank is in a strong position as it enters the next phase of development and growth."

Mr Quinn said that it had been a "privilege" to lead the company and that now is the "right time" for him to retire and lead a more balanced life. "I never imagined when I started 37 years ago that I would have the honour of becoming group chief executive of this great bank," Mr Quinn said.

"I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC. 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."

Martin Lewis’ MSE website shares tip to get free £175 and 7% interest on savings

The board has begun the search for Quinn's replacement, who will remain in his role for up to a year or until the successor is found. The announcement coincides with the release of the company's first-quarter results, revealing a pre-tax profit drop of $200million (£156million) compared to the same period last year.

The company recorded $12.7billion (£10.1 billion) in pre-tax profit due to the sale of HSBC's Canadian business. HSBC's net interest income, the difference between what it generates from loans and what it pays out for deposits, fell by $300million (£239 million).

The first quarter's net interest income came in at $8.7billion (£6.9 billion). There was a $200million (£156million) decrease in profit after tax compared to last year, dropping to $10.8billion (£8.6billion). However, revenue increased by 600 million (£478million) to $20.8billion (£16.5billion).

Mr Quinn expressed satisfaction with the company's start to 2024. "We completed the sale of our Canada business and agreed to the sale of our Argentina business, both of which allow us to focus on markets with higher-value international opportunities. Our good profit performance of $12.7billion (£10.1billion) in the first quarter has enabled us to continue rewarding our shareholders."

Lawrence Matheson