HSBC chief executive Noel Quinn, architect of sweeping overhaul, announces surprise departure [Globe and Mail, The (Toronto, Canada)]
HSBC Holdings, plc. (HSBC)
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Source: Globe and Mail, The
“I've held intensive leadership roles since I took on a commercial bank role in October 2008 so I'm personally ready for a change,” he told reporters on a conference call. “It's also a natural inflection point for the bank, as it comes to the end of the current transformation phase. It's an ideal time to bring in leadership to move the bank forward over the next five years.” HSBC's shares, which have gained roughly 30 per cent during his tenure, rose 2.5 per cent in London against a benchmark FTSE index up 0.3 per cent, having earlier touched a nine-month high in Hong Kong's afternoon session. Quinn has boosted the bank's returns by cutting underperforming businesses in the West, including retail banking businesses in the U.S. and France, its entire Canadian subsidiary and units in smaller markets such as Argentina. “He took the reins just as the pandemic was spreading across the world, a hugely uncertain time to lead a global bank and pivot away from its more traditional mar
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