Noel Quinn CEOHSBC

Noel Quinn concluded his tenure as CEO of HSBC Holdings, announcing a $3 billion share buyback alongside better-than-expected second-quarter earnings, with pretax profits reaching $8.9 billion. Despite a slight year-on-year decline in pre-tax profits for the first half, at $21.6 billion, the bank's performance validated its strategic pivot towards Asia, characterized by the sale of Western assets and a focus on Southeast Asia and China. Quinn emphasized the effectiveness of HSBC's strategy amid rising interest rates, though projections indicate these benefits may diminish as monetary policies tighten. The bank will see Georges Elhedery take over leadership on September 2, with Jonathan Bingham appointed as interim chief financial officer. HSBC's restructuring plans aim to simplify its global operations and enhance competitiveness against larger rivals. With significant shareholder returns amounting to $36 billion in dividends and $18 billion in buybacks during Quinn's tenure, HSBC is poised for a new chapter under Elhedery's leadership.