After flirting with outsiders, HSBC taps interim Noel Quinn as CEO

LONDON - With markets melting down and the global economy headed toward recession, HSBC Holdings picked a known quantity to lead it through the mayhem.

Quinn's"primary challenge will be to provide ongoing liquidity support to customers in tandem with government support schemes," said John Cronin, an analyst at Goodbody Stockbrokers in Dublin. "In the last few months Noel has worked closely with the board to agree the key actions required to build and enhance performance on a sustainable basis," Tucker said in a statement on Tuesday.

Unlike several of his predecessors, Quinn isn't a product of HSBC's elite international manager cadre that traditionally produces its leaders. He attended Birmingham Polytechnic in central England before training as an accountant. While the vacuum at the top of HSBC is filled, a host of hurdles remain. Quinn's overhaul of the sprawling lender followed two post-crisis resets with costs remaining too high, red tape too thick and not enough businesses generating adequate returns.

Source: Financial Digest (financialdigest.net)

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