HSBC group chief executive Noel Quinn will retire from the bank after nearly five years in the role, the company has announced.
The banking giant announced Mr Quinn informed the board of his intention to retire from the role, with HSBC group chair Mark Tucker thanking him 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 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.”
The board has begun a process to find Mr Quinn’s successor. He will remain in the role for up to a year or until his replacement is found.
It comes as the company released their first quarter results, with the company reporting a pre-tax profit fall of 200 million dollars (£156 million) compared to the same time last year.
The company recorded 12.7 billion dollars (£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 300 million dollars (£239 million).
The first quarter’s net interest income came in at 8.7 billion dollars (£6.9 billion).
The company recorded a 200 million dollar (£156 million) decrease in profit after tax compared to last year, dropping to 10.8 billion dollars (£8.6 billion), however, it recorded a 600 million dollar (£478 million) increase in revenue, to 20.8 billion dollars (£16.5 billion).
Mr Quinn said he was “pleased” 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 12.7 billion dollars (£10.1 billion) in the first quarter has enabled us to continue rewarding our shareholders.”