HSBC chief executive Noel Quinn has unexpectedly stepped down after five years of working in Europe’s largest bank.
Speaking in a statement on Tuesday, the HSBC group said that Mr. Quinn will still be in the chief executive role as the bank engages in the process of finding a successor.
Mr. Quinn, who is 62 years old said it was time for him to balance his personal and business life.
"After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Mr. Quinn said.
Mr. Quinn, who has worked at HSBC for 37 years, was first appointed as its chief executive on an interim basis in 2019, after his predecessor John Flint was ousted from the role.
This comes as the he UK-based lender reported a 1.8% drop in profit for the first three months of 2024, compared to the same time last year. The company said that its pre-tax profit for the period came in at $12.7bn (£10bn), which was commendable to market analysts.
HSBC's Group Chief Executive Noel Quinn to step down; Successor Search Underway