Trending: HSBC CEO Noel Quinn's Departure Plans Surprise
0914 GMT - HSBC's Chief Executive Noel Quinn is among the most mentioned executives across news items over the past six hours, according to Factiva data. HSBC said its top boss--who steered the bank through a tumultuous period and doubled down on its focus on Asia--will be leaving the group after almost five years at the helm. "He is getting out while the going is good, destined to be seen as the man who fixed HSBC and positioning himself as a go-to person for strategic advice," AJ Bell said in a market comment. KBW analysts said: "We never felt he looked completely comfortable in the role and suspect that Covid was a particularly brutal period running an international business like HSBC," J.P. Morgan analysts said there may be uncertainty in the continuity of the group's strategy while it finds a successor and this could lead to near-term share volatility. Shares in London, which have gained 8% since the start of the year, rose 3.1% to 689 pence in morning exchanges following the news. The announcement came alongside the lender's first-quarter results, in which it reported an on-quarter jump in profits and launched a $3 billion share buyback plan. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 30, 2024 05:29 ET (09:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening In the Markets This Week
-
What Does Nvidia’s Stock Split Mean for Investors?
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Best- and Worst-Performing Stocks of May 2024
-
3 Stocks to Buy and 3 Stocks to Sell in June
-
Markets Brief: Friday’s Job Report in Focus
-
These Stocks Are (Still) Powering the Bull Market
-
Nio Earnings: Revenue and Loss Largely In Line, but Vehicle Margin Missed Amid Price Competition
-
The Best Biotech Stocks to Buy
-
After Earnings, Is Marvell Stock a Buy, a Sell, or Fairly Valued?
-
Nvidia Raised Its Dividend — but There’s a Catch
-
Lululemon Earnings: On Track to Meet Expectations Despite Slowdown In Americas
-
What Is Driving Small-Cap Stock Underperformance?
-
After Earnings, Is Zscaler Stock a Buy, a Sell, or Fairly Valued?
-
ASML Fair Value Raised as Outlook Improves