HSBC CEO Noel Quinn Is Stepping Down -- WSJ

Dow Jones04-30

By Elaine Yu

HSBC's chief executive Noel Quinn is stepping down after running the bank for more than four years.

Quinn, who spent almost his entire career at HSBC, has informed the board of his plan to retire from the bank, HSBC said Tuesday.

HSBC's board has started searching for a successor and is considering candidates inside and outside the bank, it said.

Quinn became HSBC's interim CEO in 2019, succeeding John Flint, and got the job on a permanent basis the following year. He managed the bank during the yearslong Covid-19 pandemic, and has doubled down on its bet on Asia -- where HSBC makes most of its profit.

He has pushed through a series of cost cuts, including reducing staff and negotiating sales of some of HSBC's businesses in Argentina, Canada and France. He has also been forced to deal with pressure from Ping An Insurance, one of HSBC's largest shareholders, which pushed for an overhaul of its Asia business.

Quinn said he wanted to get a better work-life balance, adding that he intends to pursue a "portfolio career," meaning he is likely to hold a range of positions rather than take one big job.

Write to Elaine Yu at elaine.yu@wsj.com

(END) Dow Jones Newswires

April 30, 2024 00:44 ET (04:44 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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He managed the bank during the yearslong Covid-19 pandemic, and has doubled down on its bet on Asia -- where HSBC makes most of its profit. \n\n\n     He has pushed through a series of cost cuts, including reducing staff and negotiating sales of some of HSBC's businesses in Argentina, Canada and France. He has also been forced to deal with pressure from Ping An Insurance, one of HSBC's largest shareholders, which pushed for an overhaul of its Asia business. \n\n\n     Quinn said he wanted to get a better work-life balance, adding that he intends to pursue a \"portfolio career,\" meaning he is likely to hold a range of positions rather than take one big job. \n\n\n     Write to Elaine Yu at elaine.yu@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 30, 2024 00:44 ET (04:44 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2431334793"}