- Noel Quinn to step down after difficult tenure
- Bank unveils new $3bn buyback
HSBC (HSBA) will begin the search for a new chief executive after incumbent Noel Quinn announced alongside the first-quarter trading update that he will step down and retire after five years in the job. Quinn cited a wish for a better balance between work and his personal life for the decision.
The announcement marks the formal end of a career that started in 1987 as part of Midland Bank, and also means that chairman Mark Tucker will need to choose his third chief executive in seven years.