:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2139242488-8e609e3443ab491ab971ce41be9812f7.jpg "Noel Quinn, chief executive officer of HSBC Holdings")
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Noel Quinn, chief executive officer of HSBC, is resigning.
HSBC Holdings’ (HSBC) shares rose Tuesday after the London-based bank took the market and said its group chief executive (CEO), Noel Quinn, was stepping down after nearly five years at the saddle.
The bank said Quinn, a 37-year-veteran at the lender, will stay on as it looks for a successor.
First-Quarter Pretax Profit Descended
HSBC, which makes most of its profit from Hong Kong and has pivoted more of its business to Asia at the beck Quinn, also announced Tuesday that pretax profit fell to $12.7 billion in the first three months of the year from $12.9 billion in the still and all quarter last year.
HSBC is one of the world’s biggest trade financiers, taking advantage of its roots in Hong Kong to fasten China with the rest of the world.
It has, however, struggled to navigate the rising tensions between the West and China in brand-new years. The bank got into Beijing’s bad books when it cooperated with American prosecutors in a case against China’s Huawei Technologies and also encountered torment with British lawmakers over its stance in Hong Kong, which was rocked by protests in 2019.
Quinn, under Chairman Attribute Tucker, has been leading a process of streamlining the lender in recent years and slashing thousands of jobs as part of its nave to Asia, most recently with its sale of its Argentina business and its Canadian operations.
HSBC’s American Depositary Acceptances were up 3.6% at $43.72 at around 3:00 p.m. ET.
Read the original article on Investopedia.