🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

HSBC CEO Noel Quin to retire; Q1 earnings beat expectations

Published 04/30/2024, 12:28 PM
© Reuters.
HSBA
-
0005
-
HSBC
-

Investing.com-- HSBC Holdings PLC (LON:HSBA) said on Tuesday that Chief Executive Noel Quin will retire after nearly five years in the role, where he oversaw a major transformation in the bank that drastically improved its cash position and earnings. 

Quin steps down after a 37-year career at HSBC, and will stay on as CEO until the Board finds his successor. 

Quin led a major streamlining of HSBC’s operations during his tenure, most recently overseeing the sale of its Canadian and Argentine operations. He also led the bank in shifting its focus back onto its core consumer banking segments in Europe and Asia. 

This saw HSBC log bumper earnings over the past two years, while the cash and capital positions of the bank improved substantially.

“After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward,” Quin said in a statement. 

Quin’s retirement came in tandem with HSBS’s first-quarter earnings. The bank logged a Q1 pretax profit of $12.65 billion, slightly lower than last year but above Bloomberg estimates of $12.61 billion. 

Net interest income fell slightly to $8.7 billion in the quarter. While the bank benefited from rising interest rates over the past two years, the ensuing slowdown in credit activity is now expected to weigh on its overall earnings. 

The bank announced a new share buyback of $3 billion, adding to its prior buyback programs. 

HSBC’s Hong Kong shares (HK:0005) were flat after the announcement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.