HSBC, one of the biggest names in the banking sphere, globally, may be gearing up for a change in guard. This, as its longtime boss Noel Quinn has reportedly decided to retire. The British banker has been at the helm of the bank, as its CEO, since 2019.
Through and Through Veteran
According to reports, the Quinn has decided against continuing at the top to instate a better personal life, and strike a better work life balance.
His journey with HSBC started after the bank's acquisition Midland Banks in 1992. He scaled the corporate ladder, and held multiple positions in the 30 year span, before reaching the top office.
Under his leadership, the company has exhibited tangible growth figures.
The London-based group got off to a rocky start under him, potentially due to transition trouble, as in 2019, the company's profits after tax plummeted to USD 8.71 billion from USD 15.07 billion in 2018. Things did not get any better in 2020, a year that was overwhelmed by the Covid pandemic.
Things were on the upward trajectory thereafter, as the company made USD 16.25 billion in 2022, and a whopping USD 24.6 billion profit, after tax in 2023. |
In this year, the company saw its profits after tax plummet even further to USD 6.1 billion. The following year however, in the midst of the pandemic, in 2021, the gains of the company made headlines as HSBC made USD 14.70 billion, more than doubling its profits, compared to the previous year.
HSBC Under Quinn
Things were on the upward trajectory thereafter, as the company made USD 16.25 billion in 2022, and a whopping USD 24.6 billion profit, after tax in 2023. This progress amounts to a jump of 182 per cent in profit after tax.
In addition, he has led the bank through years wherein major banks in Europe and the US have failed, going bankrupt, due to mismanagement. The prime example being SVB bank in US and Credit Suisse in Switzerland.
This move from him therefore, being a company and sector veteran would entail major consequences, as the company goes into a transition period.
HSBC's shares ended Monday's trade with an increase in value by 0.83 per cent. With this the price of each share stands at GBX 669.10.
