Quinn shocks City with surprise HSBC departure

HSBC was thrown into turmoil today when its £10 million-a-year CEO suddenly revealed he would retire at the age of 62 in order to get “a better balance” in his life.

- Simon English

Noel Quinn is leaving after five years at the top and 37 years in all at Europe’s biggest bank.

Chairman Mark Tucker, who oversaw the surprise departure of finance director Ewen Stevenson last year, is looking for a replacement for Quinn.

Present finance chief Georges Elhedery is a strong internal candidate, although City analysts think the bank is likely to look outside.

Quinn had given no public indication that he was looking to move on, but it is understood he told Tucker in March of his plans.

He said: “After an intense five years, it is now the right time for me to get a better balance between my personal and business life.” He will stay until a successor is found.

Tucker said Quinn “has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns”.