HSBC Group Chief Executive Noel Quinn will retire from the bank after nearly five years in the role. He joined the bank in 1987.

During Quinn's tenure HSBC delivered record profits and the strongest returns in over a decade. 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 bank said on its website.

Noel Quinn said: “It has been a privilege to lead HSBC. I never imagined when I started 37 years ago that I would have the honour of becoming Group Chief Executive of this great bank. I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC."

"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,” he added.

HSBC Chairman Mark Tucker said: "He has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns. The bank is in a strong position as it enters the next phase of development and growth.”

The Board has begun a formal process to find a successor, considering both internal and external candidates. Noel will continue as Group CEO during this process, HSBC said.

Financial performance

HSBC's pretax profit for Q1 2024 came in at $12.7 billion, falling about 2%, compared to the same quarter last year.

Revenue increased by 3% to $20.8 billion compared to Q1 2023 and profit after tax decreased to $10.84 billion, lower than the $11.03 billion seen in Q1 2023.

"We completed the sale of our Canada business and agreed the sale of our Argentina business, both of which allow us to focus on markets with higher value international opportunities. Our good profit performance of $12.7bn in the first quarter has enabled us to continue the trend of rewarding our shareholders," Quinn said. 

The bank has approved a first interim dividend of 10 cents per share, and a special dividend of 21 cents per share. HSBC said its outlook for 2024 remains unchanged from the guidance in February.

"We have announced a total of $8.8bn of distributions, consisting of a first interim dividend for 2024 of $0.10 per share, a special dividend of $0.21 per share from the Canada sale proceeds, and a new share buy-back of up to $3 billion. Our 2024 guidance remains unchanged, including mid-teens return on average tangible equity and continued cost discipline," he added.

(Reporting by Seban Scaria; editing by Daniel Luiz)
(seban.scaria@lseg.com)