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Stock impact report

HSBC announces CEO Quinn's retirement, first-quarter profit drops 1.8% [Reuters]

HSBC Holdings, plc. (HSBC) 
US:NYSE Investor Relations: hsbc.com/investor-relations
Company Research Source: Reuters
overhauled in the past five years through a sweeping series of asset sales across the globe. The bank said has already launched a formal process to find a successor. Chief Financial Officer Georges Elhedery, appointed to the No. 2 role last January after a sabbatical before which he headed the bank's markets business, is likely the leading internal candidate for the job. The bank also reported pretax profit that came in at $12.7 billion for the quarter ended March versus $12.9 billion a year earlier, as it struggles to cope with rising costs from expansion in Asia and amid inflationary pressures. The results were better than the $12.6 billion average of analysts' forecasts compiled by HSBC. The London-headquartered bank also announced $3 billion worth of share buybacks on top of $2 billion in share purchases announced in February. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up Reporting by Selena Li in Kong Kong and Law Show less Read more
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