HSBC on Tuesday announced the surprise departure of Group Chief Executive Officer Noel Quinn after nearly five years at the helm. Quinn said in a statement that it is “now the right time for me to get a better balance between my personal and business life.” The bank said the hunt for its next CEO had begun, and Quinn would remain in his post during this process.
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HSBC Holdings Plc’s CEO, Noel Quinn, is stepping down unexpectedly after nearly five years at the helm, prompting a search for his successor at Europe’s largest bank. Quinn cited a desire for better work-life balance as the reason for his departure. During his tenure, he spearheaded strategic reviews aimed at bolstering the bank's Asian business while scaling back in Western markets. Despite the unexpected exit, HSBC reported a 1.8% drop in pretax profit for the first quarter but announced a larger-than-expected $3 billion buyback. The departure marks the third CEO search under Chairman Mark Tucker, aiming to conclude by the second half of the year. #CEOs #Leadership #SuccessionPlanning #Growth #Business #Transformation #HSBC I Bloomberg News I Harry Wilson I
HSBC CEO Quinn Unexpectedly Steps Down After Almost 5 Years
bloomberg.com
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Georges #Elhedery was the favorite to become #HSBC’s next chief executive officer even before Noel #Quinn in April suddenly announced his decision to leave. Elhedery takes the job at an inflection point for the UK-based bank as it moves from a period of remodeling into one of looking for growth. Ultimately, though, the biggest challenge for the new boss is that he isn’t replacing one leader, but two. Quinn has run HSBC for the past five years under the intensely hands-on tutelage and strategic oversight of Chairman Mark Tucker, whom Bloomberg News recently described as the unquestioned power at the heart of Europe’s largest financial group. Within two years, Tucker will likely be on his way out as he hits the nine-year term limit as a director recommended under UK corporate governance guidelines. He could continue, but the bank would need to claim exceptional circumstances. Read more at Bloomberg Opinion https://lnkd.in/emhr_m2U
HSBC’s Next CEO Georges Elhedery Is Taking on Two Jobs
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HSBC CEO Noel Quinn's Surprising Resignation After Nearly Five Years Leadership Shake-Up at HSBC HSBC, Europe’s largest bank, has made headlines with the unexpected retirement announcement of Group Chief Executive Noel Quinn. This news coincides with the release of the bank's first-quarter financial results, revealing a nuanced performance in a dynamic market environment. Leadership Transition HSBC has initiated a search for Quinn's successor, considering candidates from within the organization and externally. Quinn will continue in his role for up to a year to facilitate a seamless transition. Quinn, who took on the permanent CEO role in March 2020 after serving as interim boss, prioritized enhancing shareholder returns and optimizing operations. His strategic moves included exiting non-core markets and focusing on key Asian markets, driving a 30% rise in HSBC's share value during his tenure. Financial Performance Overview Q1 Results Analysis: Despite a modest 1.8% year-on-year drop in pretax profit to $12.65 billion, HSBC's performance surpassed analyst estimates. This figure includes a significant $4.8 billion gain from the sale of the Canadian business and a $1.1 billion impairment related to the Argentine divestiture. Capital Allo... https://lnkd.in/eBx4c4U8
HSBC CEO Noel Quinn's Surprising Resignation After Nearly Five Years
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I know the news is old, but the legacy will live forever. For years, I've walked past this HSBC branch, and this weekend, I captured a moment of change—the fading HSBC logo alongside the emerging RBC sign. Having played a direct role in transitioning HSBC clients to RBC Capital Markets systems, I cannot possibly put into words the amount of effort and dedication this acquisition required. Documenting this milestone in RBC’s history feels surreal. It’s a testament to the seamless transition and collaborative spirit that defines our team. This acquisition is not just about changing signs, but about integrating values, cultures, and ambitions. It's about building on the strong foundation that HSBC laid down and enhancing it with RBC's innovation and commitment to excellence. As we move ahead, I’m looking forward to seeing how this new chapter will unfold and how it will allow us to serve our clients with even greater efficiency and personalized solutions. Here’s to new beginnings and the incredible journey ahead! #RBC #HSBC #Finance #Banking #Acquisition #Innovation #Teamwork
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HSBC chief executive unexpectedly steps down HSBC has announced that its group chief executive, Noel Quinn is retiring after nearly five years in the role. Europe's largest bank says it is in the process of finding a successor for Mr Quinn, who will stay in the role until a new chief executive is named. HSBC is considering candidates from both inside and outside the firm. It comes as the UK-based lender reported a 1.8% drop in profit for the first three months of 2024, compared to the same time last year. The company said that its pre-tax profit for the period came in at $12.7bn (£10bn), which was a little better than expected by market analysts. “After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Mr Quinn said. Mr Quinn, who has worked at HSBC for 37 years, was first appointed as its chief executive on an interim basis in 2019, after his predecessor John Flint was ousted from the role. Along with its quarterly results, the bank announced an interim payout to investors of $0.10 per share and said it would buy back up to $3bn of its shares. HSBC recently completed the sale of its operations in Canada and announced plans to do the same with its business in Argentina. The sales are part of efforts by the London-based bank to focus more on faster-growing markets in Asia. #hsbc #hongkong #investmentbanking
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wishing you every success in life's next adventure.
Today is an emotional day as I announce my decision to retire as HSBC Group Chief Executive. Working for this organisation for the past 37 years has been nothing short of phenomenal. It has given me some unforgettable memories and experiences, especially the time I spent living in Hong Kong and serving clients across Asia. Leading it for the last five years has been a privilege I never imagined. I’m proud of what we’ve achieved in transforming the bank and driving a record financial performance in 2023. The evidence is the almost $28bn of dividends and share buy-backs that we’ve announced over the last 15 months. It has been a huge collective team effort and I want to pay tribute to all my colleagues for their tremendous efforts. After a non-stop 37-year career and an intense last 16 years since I took on the role of leading the UK Commercial Bank, this is the right decision for me and for HSBC. In the future, I’m looking forward to striking a better balance between my work and personal life. But in the meantime, my full focus is on keeping the good momentum going.
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London-Belfast-Dublin. I facilitate off-sites at times of change on boards | Author: The Modern In-house Lawyer | Visiting lecturer | Currently writing Most Mondays: how to find peace at work most of the time
$28bn is a colossal achievement—a credit to you and your colleagues in a world where society's scoreboard primarily measures ROI. What is measured gets delivered. But I notice your reference to balancing your personal and work life. It implies a comparable cost, if not a toll on you and others. Having experienced a year - 2022 - in and out of hospital, mainly in isolation for chemotherapy and a stem cell transplant for mantle cell lymphoma and now thankfully in remission, I have reframed my attitude to life generally and to work specifically. This reframing has changed my facilitation work with boards - executive and main. I focus now on helping them find peace - even joy - at work on their boards (as unlikely and as mad as that may sound) and not afterwards. So, if you had delivered just 10% less - that's $2.8bn less - and you had reported $25bn, would anyone think less of you and your board? And if your board had spent $2.8bn MORE on the environment and society (including on your and your board's wellbeing and the wellbeing of all your people worldwide) and your P&L looked like this, Dividends available before ESG costs: $28bn. ESG costs $2.8bn. Dividends after ESG Costs: $25bn - would you say I am being unrealistic?
Today is an emotional day as I announce my decision to retire as HSBC Group Chief Executive. Working for this organisation for the past 37 years has been nothing short of phenomenal. It has given me some unforgettable memories and experiences, especially the time I spent living in Hong Kong and serving clients across Asia. Leading it for the last five years has been a privilege I never imagined. I’m proud of what we’ve achieved in transforming the bank and driving a record financial performance in 2023. The evidence is the almost $28bn of dividends and share buy-backs that we’ve announced over the last 15 months. It has been a huge collective team effort and I want to pay tribute to all my colleagues for their tremendous efforts. After a non-stop 37-year career and an intense last 16 years since I took on the role of leading the UK Commercial Bank, this is the right decision for me and for HSBC. In the future, I’m looking forward to striking a better balance between my work and personal life. But in the meantime, my full focus is on keeping the good momentum going.
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FINANCE DIRECTOR with focus on OPERATION PROFICIENCY and OPERATION PROFITABILITY with SENIOR EXPERIENCE in areas of CONTROLLING, CORPORATE FINANCE, REPORTING, IN THE CERRAJES GROUP AS FINANCE MANAGER AND TREASURY.
CITIGROUP PLANS TO CUT 20,000 JOBS- WSJ JAN 12TH 2024- BY JUSTIN BAER Wsj JAN 14 2024 PRINT EDITION Citigroup plans to eliminate some 20,000 jobs by the end of 2026, marking the next phase of the bank’s most dramatic restructuring plan in decades. The cuts will trim about 10% of Citi’s headcount, which totaled 200,000 in December excluding the staff employed by a Mexico business that is being spun off. Citi detailed its cost-cutting plans on Friday when it also announced a fourth-quarter loss. Citi Chief Executive Jane Fraser took over the bank in 2021 with a mandate to streamline and simplify what was once the world’s largest financial- services firm. Its supermarket of financial products and far-flung international operations, once hailed as the hallmarks of a unique franchise, now add up to a bank worth significantly less than many of its closest peers. “Every bank is a function of what they’ve become over the past 30 to 40 years—it doesn’t change overnight,” said Ken Usdin, a Jefferies analyst. “They’re in the midst of a multiyear plan to streamline the strategy, focus on strengths, take out layers of excess staff, and directionally improve.” He added, “We’re at the halfway point. Let’s see what the market’s reaction is.” Since taking over, Fraser has shed some of Citi’s international consumer-banking businesses and sharpened the bank’s focus on corporate clients in the U.S. and abroad. In September she announced she was simplifying Citi’s organizational structure, eliminating management layers. The bank began layoffs in November. At the time, employees speculated Citi would ultimately cut 10% of its workforce. They were spot on, executives confirmed Friday. In trimming 20,000 jobs, Citi expects to reduce its annual expenses to between $51 billion and $53 billion over the next several years. Costs totaled $56.4 billion last year, including the effects of several divestitures and a special fee the Federal Deposit Insurance Corp. imposed on banks after a string of bank failures last year. “It’s not lost on me that there have been many attempts in the past to change this firm,” Fraser said during a conference call with analysts. “I and the management are fully committed to transforming this company for the long term.” The third-biggest U.S. bank threw a kitchen sink of charges and expenses into its final 2023 earnings report, previewing them in a late Wednesday regulatory filing... Overall, Citi reported a net loss of $1.8 billion, or $1.16 a share, compared with net income of $2.51 billion, or $1.16 a share, in the same period a year earlier. Revenue fell 3% to $17.4 billion from $18 billion. Citi said the recent devaluation of the Argentine peso had wiped out $880 million of the most recent quarter’s revenue... #banks#banking#city#earningsreports#stocks#stockmarkets#consumercredit#commerciallending#investment#corporatservices#restructing#jobs#financejobs#
Citigroup Plans to Cut 20,000 Jobs
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Barclays plans 2,000 job cuts as part of $1.25 billion cost-cutting plan: Report The managerial team, led by Chief Executive CS Venkatakrishnan, known as Venkat, stated that the potential cuts would primarily affect Barclays Execution Services (BX), forming part of an overall expense reduction target of up to 1 billion pounds across the group over several years. #Barclays #JobCuts #FinancialNews #Banking #Investment #BarclaysBX #CorporateNews #Finance #Restructuring #BusinessNews #EconomicUpdate #FinanceUpdate #BarclaysNews #CorporateRestructuring #JobReduction #BankingIndustry #FinancialManagement #CEOInsights #EconomicNews #FinancialOutlook #JobMarket #BusinessOperations #FinancialPerformance #LeadershipInsights #GlobalFinance #IndiaNews #Keralanews #Kerala #BusinessReviewLive #BRL #Keralabusiness
Barclays plans 2,000 job cuts as part of $1.25 billion cost-cutting plan: Report
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