HSBC says chief executive to retire after 'intense' five years

By Steve Goldstein

HSBC on Tuesday said its chief executive, Noel Quinn, will retire after nearly five years at the helm.

The U.K.-listed, Asian-focused bank said it will consider both internal and external candidates to replace Quinn, who had been at the bank for 37 years.

"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," said Quinn.

Analysts were surprised at the move.

"This comes as a surprise, especially given Quinn's relatively short tenure during which he has led the bank through significant changes," said Will Howlett, financial analyst at Quilter Cheviot.

Quinn's retirement came as the largest Europe-based bank by assets reiterated full-year guidance, following a first quarter in which its profit fell to $10.84 billion from $11.03 billion.

Excluding one-time items, its pretax profit fell 4%, which came in ahead of analyst estimates though that appears to be mostly because of hyperinflation in Argentina.

HSBC declared a 21 cents per share special dividend from the sale of its Canadian business as well as an unchanged 10 cents per share ordinary dividend and $3 billion of stock buybacks.

HSBC's U.S.-listed shares (HSBC) (UK:HSBA) (HK:5) have gained 4% this year.

-Steve Goldstein

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04-30-24 0506ET

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