HSBC Appoints Quinn As CEO03.18.2020
HSBC Holdings plc announces that Noel Quinn is appointed Group Chief Executive Officer. This is effective immediately.
Group Chairman Mark Tucker, who led the global search, said:
“Noel has proven to be the outstanding candidate to take on a role permanently that he has performed impressively on an interim basis since August 2019. He is a strong and proven leader with extensive global banking expertise, deep client relationships and the energy and skill to drive the business forward at pace. In the last few months Noel has worked closely with the Board to agree the key actions required to build and enhance performance on a sustainable basis. He has shown a great understanding of HSBC, the challenges we face and the significant opportunities for growth that lie ahead. We wish him the very best in taking HSBC forward.”
Noel Quinn said:
“I am honoured to be given the opportunity to lead HSBC as Group CEO. In leading the bank on an interim basis for the last few months, I have really enjoyed working with Mark, the Board and over 230,000 colleagues around the world to reposition the Bank for success in the future. HSBC is an outstanding global company with talented and dedicated people. There is much that remains to be done and I am confident that we will rise to the challenge and deliver for our shareholders, customers, employees and society at large.”
The deal combines HSBC Canada's strength in international products with RBC's breadth of capabilities.
C.S. Venkatakrishnan said his prognosis is excellent and his condition is curable.
The agencies found a shortcoming related to data quality and data management.
Goldman Sachs Asset Management agreed to pay a $4m penalty.
Investment bank has been impacted by industry-wide slowdown in capital markets and reduced sales & trading.