HSBC CEO Noel Quinn to Retire, Bank Reports Quarterly Profit and Share Buybacks

HSBC CEO Noel Quinn to Retire, Bank Reports Quarterly Profit and Share Buybacks

HSBC announced on Tuesday that Chief Executive Noel Quinn will retire, marking a surprise departure from the bank. Quinn led a significant overhaul of the bank over the past five years, implementing a series of asset sales worldwide.

HSBC CEO Noel Quinn to Retire, Bank Reports Quarterly Profit and Share Buybacks

The bank has initiated a formal process to find Quinn’s successor. Chief Financial Officer Georges Elhedery, who was appointed to the No. 2 role last January after a sabbatical, is considered the leading internal candidate for the position. Elhedery previously headed the bank’s markets business.

HSBC reported a pretax profit of $12.7 billion for the quarter ended March, compared to $12.9 billion a year earlier. The bank is facing rising costs from its expansion in Asia and inflationary pressures.

Despite the slight decline in profit, the results exceeded analysts’ expectations, with an average forecast of $12.6 billion compiled by HSBC.

Additionally, HSBC announced $3 billion worth of share buybacks, in addition to $2 billion in share purchases announced in February.

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Pooja Chauhan

Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

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