Asia News Mar 18

HSBC confirms Quinn as new boss

Interim CEO has already launched a broad restructuring plan for the troubled bank

HSBC confirms Quinn as new boss
Noel Quinn was appointed as CEO of the banking giant HSBC on March 17. Photo: Roger Harris / HSBC Holdings / AFP

Asia-focused banking giant HSBC appointed Noel Quinn as its chief executive on Tuesday, ending months of speculation as the coronavirus crisis causes global upheaval and hits banks hard.

Quinn had been serving as interim CEO and has already launched a broad restructuring plan for the troubled bank. 

He took over as acting CEO after the shock ousting in August of John Flint, and was tasked with initiating a transformation of the sprawling international bank, which spans more than 50 countries but makes the vast majority of its profit in Asia.

In February he unveiled a radical reorganisation plan that would see the bank reduce its operations in the US and Europe, cutting 35,000 jobs or nearly 15% of the total workforce over three years as it seeks to refocus towards profitable activities.

Quinn was quoted in the statement as saying that "there is much that remains to be done and I am confident that we will rise to the challenge..."

AFP