Quinn, who has been in the job for five years, said he wanted a better work-life balance and planned to move into a portfolio job
HSBC chief executive Noel Quinn speaks during the Bloomberg Transition Finance Action Forum, at the Plaza Hotel, in New York, on Sept. 19, 2023.HSBC chief executive Noel Quinn said on Tuesday that he plans to step down, marking the surprise departure of a hard-nosed leader who has overseen a raft of asset sales, guided the lender to record profit and lifted its share price.
Quinn, 62, who has been in the job for five years said he wanted a better work-life balance and planned to move into a portfolio job. HSBC’s shares, which have gained roughly 30 per cent during his tenure, rose 2.5 per cent in London against a benchmark FTSE index up 0.3 per cent, having earlier touched a nine-month high in Hong Kong’s afternoon session.
“He may be a hard act to follow, but market reaction suggests the strong position he leaves behind is enough to quell any uncertainty about who’ll lead the business from here,” he added. He also won a major showdown with the bank’s No. 1 Asian investor, China’s Ping An Insurance, which ran a multiyear campaign to try and get HSBC to spin off its Asia business, which ended in defeat at the bank’s shareholder meeting last year.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HSBC Chief Executive Quinn announces surprise retirementExplore stories from Atlantic Canada.
Read more »
HSBC CEO Quinn Unexpectedly Steps Down After Almost 5 Years(Bloomberg) -- HSBC Holdings Plc’s Chief Executive Officer Noel Quinn is unexpectedly stepping down after nearly 5 years in the job, triggering a search for ...
Read more »
HSBC CEO Quinn Unexpectedly Steps Down; Bank to Find ReplacementHSBC Holdings Plc’s Chief Executive Officer Noel Quinn is unexpectedly stepping down, and the lender has started a search for a successor.
Read more »
HSBC’s Quinn Targets Lifting Wealth Management in China, IndiaHSBC Holdings Plc’s top boss said he’s pushing to improve his firm’s wealth management capabilities in China and India so that they are just as strong as in its home market of Hong Kong.
Read more »
Storm's Quinn: 'We stand on the shoulders of giants' ahead of WNBA game in EdmontonNoelle Quinn can't wait to bring the WNBA to Western Canada.
Read more »
Storm's Quinn: 'We stand on the shoulders of giants' ahead of WNBA game in EdmontonNoelle Quinn can't wait to bring the WNBA to Western Canada.
Read more »