- Lindor powers Mets past Phillies into NL Championship Series
- Wildlife populations plunge 73% since 1970: WWF
- 'Sleeper agent' bots on X fuel US election misinformation, study says
- Death toll rises to 109 after Haiti gang attack, official says
- Tigers beat Guardians and on brink of advancing in MLB playoffs
- Argentina MPs back Milei's veto of university funding
- Man City sink Barca in Women's Champions League as Bayern outgun Arsenal
- Greek international Baldock, 31, found dead in pool: state agency
- Florida seaside haven a ghost town as hurricane nears
- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
- Call her savvy? Harris unleashes unconventional media blitz
- Lucian Freud 'masterpiece' fetches £13.9 million at London sale
- SoFi Stadium to hold next two CONCACAF Nations League finals
- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
- Biden-Netanyahu talk as Hezbollah, Israeli forces clash
- Musk's X available again in Brazil after 40-day ban
- Reddy stars as India crush Bangladesh to clinch T20 series
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- Arch rivals Ghana, Nigeria drawn together in CHAN qualifying
- AI steps into science limelight with Nobel wins
- Trump lauds India's Modi as 'total killer'
- Wall Street, Europe rise as Chinese shares tumble
- Hunkering down for Hurricane Milton at Disney -- but first, a few rides
- Reddy, Rinku power India to 221-9 in second Bangladesh T20
HSBC announces surprise retirement of chief executive
Global bank HSBC announced Tuesday the shock departure of chief executive Neil Quinn, who will retire after overhauling the group in an "intense" five-year tenure weathering a Covid fallout, simmering geopolitics, and shareholder pressure to spin off Asia assets.
Quinn, 62, who streamlined HSBC to focus more on Asia, has decided to pursue a portfolio of business interests that allow him to have more time with family, HSBC said in a statement alongside quarterly results.
"I wanted to get a better balance for me personally and for my family to make sure I can spend more time with them," Quinn told journalists following the announcement.
"We've created a more focused business and I truly believe we have built a strong platform for the bank's next phase of development and growth. That's why I feel this is the right time to step back," he said.
- 'Successful transformation' -
HSBC said Quinn oversaw a "successful transformation" of the firm and record profits under his stewardship, which also saw him slash 35,000 jobs in the wake of the Covid pandemic.
"We all know how challenging the world has been over the past five years. There isn't one particular event or incident, in fact the last 12 months of last year were extremely positive in terms of the financial performance of the bank," Quinn said.
He will continue as CEO to ensure a smooth transition until his successor begins, while the lender has already begun a process which will consider internal and external candidates.
"During his tenure, HSBC has delivered record profits and the strongest returns in over a decade," HSBC added.
"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 news, in tandem with a share buyback, sent HSBC's shares jumping three percent to top the gainers in morning deals on London's rising stock market.
Hong Kong shares rallied 2.2 percent at the close to the highest level in more than four years.
"HSBC's share price is rising... as the market focuses on the buyback, decent profits and strong net interest income along with an expected drawn-out succession plan," said XTB analyst Kathleen Brooks.
HSBC's first-quarter net profit dipped 1.4 percent to $10.2 billion, after taking a $1.1-billion impairment from the sale of Argentina operations -- and a $4.8-billion gain on the sale of Canadian activities.
Pre-tax profit slid almost two percent to $12.7 billion, while the group announced a new share buyback of up to $3.0 billion and an interim dividend of $0.10 per share.
Revenue rose three percent to $20.8 billion, reflecting higher customer activity in wealth products.
- Pivot to Asia -
Under Quinn, the lender accelerated a years-long pivot to Asia -- where it generates most of its revenue -- vowing to develop its wealth business and target fast-growing markets.
The London-headquartered bank announced this month that it would sell its Argentina division to financial services company Grupo Financiero Galicia for $550 million.
HSBC last month concluded the sale of its Canadian operations for $10.1 billion.
In January it also sold its retail banking operations in France.
Quinn joined HSBC in 1987 and was appointed interim CEO in 2019 after several years leading its commercial banking unit.
He became HSBC's permanent CEO in March 2020, when the bank's shares in Hong Kong tanked sharply at the beginning of the Covid-19 pandemic.
Quinn led last year the effort to repel a bid by major shareholder Ping An to spin off its Asia assets, with the proposal eventually voted down by shareholders.
The break-up bid highlighted HSBC's precarious position amid US-China tensions, with some observers questioning whether Europe's largest lender can continue to straddle East and West.
burs-rfj/dhw
O.Johnson--AMWN