Finance

HSBC finally confirms Noel Quinn as the new managing director

HSBC finally confirms Noel Quinn as the new CEO after John Flint’s predecessor was ousted last year

HSBC has finally confirmed Noel Quinn as the permanent managing director

HSBC has finally confirmed Noel Quinn as the permanent managing director.

The Birmingham-born banker has held the role temporarily since his predecessor John Flint was ousted last year.

However, after HSBC refused to give Quinn the full-time job when the bank released its annual results last month, investors wondered if chairman Mark Tucker was still looking for someone new.

Tucker said yesterday: “He is a strong and proven market leader with extensive global banking expertise, deep customer relationships and the energy and expertise to drive the business forward.”

HSBC surprised the market in February when it failed to confirm 58-year-old Quinn as chief executive, despite presenting an ambitious restructuring plan with 35,000 job losses.

Jean Pierre Mustier of Unicredit is said to be in the race, but excluded himself. Flint resigned last August when older colleagues became frustrated with the pace of change at HSBC.

Quinn’s plans are for the lender to reduce its investment bank, reduce its US presence, and focus more on Asia to save £ 3.5 billion by 2022

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