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.
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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