During his tenure, Quinn led a series of strategic reviews that culminated in a plan to boost the bank’s investment in its Asian business, while cutting back in developed Western markets such as the US and France. The company is committed to that strategy going forward, even as tensions continue to flare between Beijing and other developed markets around the world.
HSBC Holdings Plc’s Chief Executive Officer Noel Quinn is stepping down, an unexpected move that comes as Europe’s largest lender tries to navigate the deterioration of ties between China and the US.
The board has begun a formal process to find a successor, and will consider both internal and external candidates, according to a statement Tuesday. Quinn will stay on during this process to ensure a smooth and orderly transition, it said.
