HSBC CEO Noel Quin to retire; Q1 earnings beat expectations

) said on Tuesday that Chief Executive Noel Quin will retire after nearly five years in the role, where he oversaw a major transformation in the bank that drastically improved its cash position and earnings.

Quin led a major streamlining of HSBC’s operations during his tenure, most recently overseeing the sale of its Canadian and Argentine operations. He also led the bank in shifting its focus back onto its core consumer banking segments in Europe and Asia. “After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward,” Quin said in a statement.

Net interest income fell slightly to $8.7 billion in the quarter. While the bank benefited from rising interest rates over the past two years, the ensuing slowdown in credit activity is now expected to weigh on its overall earnings.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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