Noel Quinn Announces Surprise Retirement as HSBC’s CEO

HSBC’s group chief executive Noel Quinn is unexpectedly retiring after nearly five years in the role.

Europe’s largest bank says it is in the process of finding a successor for 62-year-old Mr Quinn, who will stay in the role until a new chief executive is named. HSBC is considering candidates from both inside and outside the firm.

It comes as the 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 a little better than expected by market analysts.