Investing.com-- HSBC Holdings PLC (LON:HSBA) said on Tuesday that Chief Executive Noel Quinn will retire after nearly five years in the role, where he oversaw a major transformation in the bank that drastically improved its cash position and earnings.
Quinn steps down after a 37-year career at HSBC, and will stay on as CEO until the Board finds his successor.
Quinn led a major streamlining of HSBC’s operations during his tenure, most recently overseeing the sale of its Canadian and Argentine operations. He also led the bank in shifting its focus back onto its core consumer banking segments in Europe and Asia.
This saw HSBC log bumper earnings over the past two years, while the cash and capital positions of the bank improved substantially.
“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,” Quinn said in a statement.
Quinn’s retirement came in tandem with HSBS’s first-quarter earnings. The bank logged a Q1 pretax profit of $12.65 billion, slightly lower than last year but above Bloomberg estimates of $12.61 billion.
Net interest income fell slightly to $8.7 billion in the quarter. While the bank benefited from rising interest rates over the past two years, the ensuing slowdown in credit activity is now expected to weigh on its overall earnings.
The bank announced a new share buyback of $3 billion, adding to its prior buyback programs.
HSBC’s Hong Kong shares (HK:0005) were flat after the announcement.