HSBC Holdings has appointed Noel Quinn as new CEO, handing the insider and interim boss the helm of Europe’s biggest bank and ending months of speculation an external candidate might get the role.
Quinn takes the reins as the London-headquartered bank faces a challenging forecast, with the effect of the coronavirus pandemic adding to its underperformance in the U.S. in addition to struggles in the investment bank.
The bank covers 90% of its profits in Asia, and the sharp economic slowdown in its primary markets of Hong Kong and China are also anticipated to affect its revenues and asset quality in the near to medium interval.
Quinn, who joined HSBC in 1987, took the interim position of HSBC in August 2019 after exiting of John Flint and is auditioning for the permanent job since, regardless of media reports, that chairperson Mark Tucker preferred an external candidate.
Unicredit chief Jean Pierre Mustier and incoming UBS Group Ralph Hamers had been among those reported to have caught Tucker’s eye.
Hong Kong-listed stocks of HSBC climbed up to 2.7% in the morning trade session, while the wider market was trading lower.
Quinn’s appointment ends guesses over who will run HSBC as it goes into what could prove the biggest economic shock in recent times because the coronavirus pandemic brings global travel and consumer spending in several nations to a grinding stop.