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HSBC: New boss sought after declining profits
After the surprising resignation of the HSBC boss: New leadership sought at the major British bank after disappointing profit figures. Update on the situation and planned future strategies.
HSBC: New boss sought after declining profits
The major British bank HSBC recorded a slight decline in profit due to declining margins in the interest business, which reflected expectations. In response to this development, the previous CEO Noel Quinn surprisingly announced his resignation. Quinn had led the bank on an interim basis since August 2019 and was officially appointed CEO in March 2020. During his tenure, he actively promoted the transformation of HSBC into a company with a focus on the Asian market and initiated the sale of several business areas.
Particularly noteworthy is the planned sale of the business in Argentina, which led to charges of $1.1 billion in the first quarter. There were also further special effects in connection with the sale of other divisions. Despite these challenges, the bank's profit fell almost 2 percent to $10.8 billion, and adjusted profit before taxes fell 2 percent to $12.7 billion. However, revenue rose three percent to $20.8 billion despite a slight decline in net interest income.
HSBC also confirmed its financial targets for the current financial year and announced another billion-dollar share buyback. Despite Noel Quinn's resignation, he will remain with the company for the time being to ensure an orderly handover to his successor. The search for a new CEO is therefore the bank's focus as it continues to strengthen its presence and operations in Asia.