HSBC group CEO Noel Quinn has announced his intention to retire from the bank after nearly five years in the role.
Quinn has been with the UK banking giant for the past 37 years, climbing up the ranks since he first joined HSBC in 1987. He was appointed as the interim group chief executive in August 2019 to succeed John Flint in the role, and was subsequently named as the group chief executive in March 2020.
In a statement, HSBC said Quinn has “overseen a successful transformation of the bank” as the group CEO, adding that during his tenure, the bank “delivered record profits and the strongest returns in over a decade”.
“He has successfully simplified and focused the bank, most recently with the sale of the Canada and Argentina operations and built a leading position on sustainability,” the bank stated.
Taking to LinkedIn, Quinn shared in a post: “I’m proud of what we’ve achieved in transforming the bank and driving a record financial performance in 2023. The evidence is the almost $28bn of dividends and share buy-backs that we’ve announced over the last 15 months.”
“After a non-stop 37-year career and an intense last 16 years since I took on the role of leading the UK Commercial Bank, this is the right decision for me and for HSBC,” Quinn added.
Going forward, Quinn said he intends to get a “better balance” between his work and professional life, with the aim of pursuing a portfolio career.
Following the announcement, HSBC’s board has commenced the formal process to find a successor, with consideration being given to both internal and external candidates. Quinn will continue to serve as the group CEO during the process to ensure a “smooth and orderly” transition.
