HSBC, Europe’s largest bank, says CEO Noel Quinn plans to retire after serving almost five years in the role.
“After five intense years, now is the right time to achieve a better balance between my personal and professional life. I intend to pursue a portfolio career going forward,” Quinn said in a statement Tuesday.
Quinn has worked at HSBC since 1987. As CEO, he helped sell its operations in Canada and Argentina and oversaw the bank’s strongest returns in more than a decade.
In 2021, HSBC announced that it would close its US retail banking business in order to refocus its efforts on wealth management. HSBC, based in London, is one of the largest banks in the world, but its focus is mainly in Hong Kong, where it was founded, and elsewhere in Asia, as well as the United Kingdom and Europe.
“Noel has had a long and distinguished career spanning 37 years at the Bank and we are very grateful for his significant contribution to the Group over many years,” said Chairman Mark Tucker. “He has driven our transformation strategy and created a simpler, more focused business that delivers higher returns. The bank is in a strong position as it enters the next phase of development and growth.”
HSBC said its board has begun the formal search process for Quinn’s successor and is reviewing internal and external candidates. Quinn will continue in the role of CEO during the search process and will help with the transition.
In January, UK regulators announced that HSBC had been fined 57.4 million pounds ($72.8 million) for failing to adequately protect customer deposits in the event the bank collapsed.
HSBC cooperated with the investigation and agreed to resolve the case, the Prudential Regulation Authority said. Without this cooperation, the fine would have been £96.5 million ($122.4 million).
The bank said at the time it was “pleased” to resolve the matter.
HSBC shares rose more than 3% before the market opened.
