HSBC chief exec Noel Quinn to retire; Q1 profit narrowly beats estimate

Bank flags $100m hit on upcoming sale of Russia business

An HSBC branch in Hong Kong: The London-based lender reported that its pretax profit for the first quarter through March fell to $12.7 billion. © Reuters

ECHO WONG, Nikkei staff writer

April 30, 2024 16:10 JST

HONG KONG -- HSBC Holdings CEO Noel Quinn is set to retire, the bank announced Tuesday, as it revealed its first-quarter earnings and offered an update on the long-awaited sale of its Russia operations.

Quinn, who has been in the role for nearly five years and overseen a series of restructuring moves, has informed the board, which is now looking for a successor. No retirement date has been set.