HSBC said Chief Executive Noel Quinn will retire, a surprise departure from the Asia-focused bank he has overhauled through a sweeping series of asset sales across the globe.
Quinn, who has led the bank for five years, will remain CEO until his successor starts in the role, and he has agreed to remain available through to the end of his 12-month notice period
Chief Financial Officer Georges Elhedery, appointed to the No. 2 role last January after a sabbatical before which he headed the bank’s markets business, is likely the leading internal candidate for the job.
Quinn, who joined HSBC in 1987, was named the chief executive of the bank, which makes most of its revenues and profits in Asia
The bank reported pretax profit that came in at $12.7 billion for the quarter ended March versus $12.9 billion a year earlier