Trending: HSBC CEO Noel Quinn's Departure Plans Surprise
0914 GMT - HSBC's Chief Executive Noel Quinn is among the most mentioned executives across news items over the past six hours, according to Factiva data. HSBC said its top boss--who steered the bank through a tumultuous period and doubled down on its focus on Asia--will be leaving the group after almost five years at the helm. "He is getting out while the going is good, destined to be seen as the man who fixed HSBC and positioning himself as a go-to person for strategic advice," AJ Bell said in a market comment. KBW analysts said: "We never felt he looked completely comfortable in the role and suspect that Covid was a particularly brutal period running an international business like HSBC," J.P. Morgan analysts said there may be uncertainty in the continuity of the group's strategy while it finds a successor and this could lead to near-term share volatility. Shares in London, which have gained 8% since the start of the year, rose 3.1% to 689 pence in morning exchanges following the news. The announcement came alongside the lender's first-quarter results, in which it reported an on-quarter jump in profits and launched a $3 billion share buyback plan. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
April 30, 2024 05:29 ET (09:29 GMT)
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