HSBC CEO Quinn Unexpectedly Steps Down After Almost 5 Years

-- HSBC Holdings Plc’s Chief Executive Officer Noel Quinn is unexpectedly stepping down after nearly 5 years in the job, triggering a search for a replacement at Europe’s largest bank.The board has begun a formal process to find a successor, and will consider both internal and external candidates, according to a statement Tuesday. Quinn will stay on during this process to ensure a smooth and orderly transition, it said.

The London-headquartered bank on Tuesday also posted a 1.8% drop in pretax profit to $12.65 billion for the first quarter, which topped the $12.6 billion average consensus estimate compiled by the company. The lender also announced a new $3 billion buyback, 50% more than what some analysts were expecting.

Quinn began his banking career at British lender Midland Bank in 1987, which HSBC bought in 1992. He spent the majority of his career at HSBC working for the commercial banking unit. “We never felt he looked completely comfortable in the role and suspect that Covid was a particularly brutal period running an international business like HSBC,” Perlie Mong, an analyst at Keefe, Bruyette & Woods, said in a note to clients. Still, she said, his departure is “surprising after only four years in the role, particularly as it took 7 months as ‘interim’ to actually get the job.

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