HSBC chief executive Noel Quinn will step down after five “intense” years at the helm of the bank where he worked for almost four decades.
Quinn has overseen a transformation of the lender that included cutting 35,000 jobs and propelled it to record profits last year.
But announcing his decision to retire yesterday, he said he wanted to “strike a better balance between my personal and business life.”
It first joined Britain’s Midland Bank in 1987 before it was absorbed by HSBC, which has its origins in Hong Kong but is headquartered in London.
President Mark Tucker said he has already begun a search for a successor that he aims to complete in the second half of the year.
Moving on: Noel Quinn has overseen a transformation of the lender that included cutting 35,000 jobs and propelled it to record profits last year.
Quinn, 62, said he made his decision after reflecting on the Christmas and New Year period. And he added: ‘It has been a phenomenal 37 years at the bank.
“But in those 37 years I haven’t had much of a break and now this is a chance to have a break.”
And he added: “I think the timing is opportune, having achieved the successful transformation we set out to do.”
Quinn said he intended to have a period of “rest and relaxation” before moving into a portfolio career, which means taking on boardroom management roles.
The announcement came as the bank reported a 2 per cent drop in first-quarter profits to £10.1bn, although it was slightly better than expected.
Quinn has seen HSBC through the Covid crisis and a tough battle with investor Ping An, who demanded a breakup.
His departure threatens to rekindle pressure from some shareholders for a spinoff.
Simon Yuen, founder of Hong Kong-based Surich Asset Management, said Quinn’s successor should have “vast experience in the Asian and Middle Eastern markets.”
Quinn has also led the bank, which has a strong presence in China, during a time of tensions between Beijing and the West, as well as deepening repression in Hong Kong.
But it has improved returns by moving HSBC out of underperforming divisions, including retail banking in the United States and France, and all of its operations in Canada and Argentina.
Shares have risen about 30 percent during his tenure and were up 4.1 percent yesterday.
Aston Villa supporter Quinn is likely to spend more time watching his football team once he leaves office.
He said his football loyalty was the only point of difference between him and Tucker, a Chelsea fan.
Quinn has been paid more than £27m in salary, bonuses and benefits since he began leading the bank, initially on an interim basis, in 2019.