London, Hong Kong, New York, 30 April 2024 – Noel Quinn, the Group Chief Executive of HSBC, has announced his unexpected resignation, stepping down after almost five years in the role and a 37-year tenure at the bank.
This move comes alongside HSBC’s release of their first quarter earnings for 2024, showcasing a strong financial performance but a slight dip in profits compared to the previous year.
Quinn’s leadership era was marked by significant strategic changes within HSBC, including the sale of its Canadian and Argentinian operations, aimed at concentrating on markets with “higher value international opportunities.” Under his guidance, HSBC announced nearly $28 billion in dividends and share buy-backs over the last 15 months, highlighting a record financial year in 2023 with substantial shareholder rewards.
Despite a robust start to 2024, with a profit of $12.7 billion in the first quarter, the bank did experience a $0.2 billion decrease in profit before tax compared to the previous year. This was attributed to several factors, including gains from asset disposals and an impairment related to its Argentinian business. The earnings report reflected a complex financial landscape, with mixed results across various metrics such as net interest income and margin, and customer activity in key sectors like Wealth and Personal Banking and Global Banking and Markets.
As Quinn plans to retire, he expresses a desire to achieve a better work-life balance, reflecting on his intensive career and his time living in Hong Kong and working across Asia. His leadership not only steered HSBC through numerous global financial challenges but also positioned the bank towards a trajectory of disciplined strategic execution and profitability.
HSBC’s forward guidance remains optimistic, maintaining targets including a mid-teens return on average tangible equity and a stable cost growth outlook for 2024. The bank continues to adapt to global economic conditions, aiming to manage its capital prudently while delivering on shareholder commitments.
About HSBC
HSBC is a global financial services organization that aims to unlock a world of possibilities for its customers, investors, and the planet itself. With a client base exceeding 40 million, HSBC caters to a diverse group that includes individual savers, investors, large corporations, and governments. This vast customer network benefits from HSBC’s extensive reach, which spans 63 countries and territories, leveraging the bank’s comprehensive expertise and broad perspective.
The bank is renowned for its strategic presence in major global exchanges, being publicly listed in London, Hong Kong, New York, and Bermuda. This positioning underscores HSBC’s capability to harness global opportunities and facilitate significant socio-economic connections across continents. HSBC’s mission goes beyond financial services, as it seeks to create sustainable opportunities that contribute positively to the planet and foster a prosperous future for all its stakeholders. Through its global network and deep market insights, HSBC opens doors to new possibilities in an interconnected world, striving to be a pacesetter in the financial industry.
