HSBC Group Chief Executive Noel Quinn is unexpectedly stepping down from his role after nearly five years at the helm. Quinn, who has worked at the bank for 37 years, will remain in the position until a successor is found, with the bank considering both internal and external candidates.
The announcement comes as HSBC reported a slight drop in first-quarter profit for 2024 compared to the same period last year, with pre-tax profit coming in at $12.7 billion (£10 billion). During his tenure, Quinn led the bank’s transformation strategy, including the sale of its operations in Canada and plans to sell its business in Argentina, reflecting a focus on faster-growing markets in Asia.