(Bloomberg) HSBC Holdings Plc’s Chief Executive Officer Noel Quinn is stepping down, an unexpected move that comes as Europe’s largest lender tries to navigate the deterioration of ties between China and the US.Most Read from BloombergTesla Soars on Tentative China Approval for Driving SystemHSBC CEO Quinn Unexpectedly Steps Down After Almost 5 YearsStocks Trade for 390 Minutes a Day. Increasingly, Only 10 MatterUS Warns ICC Action on Israel Would Hurt Cease-Fire ChancesYen Sparks Interventio
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HSBC has unexpectedly announced that its group chief executive Noel Quinn will retire after almost five years in the role and has started searching for a successor to lead Europe's largest bank.
HSBC, which reported a 1.8% drop in pretax profit to hit $12.7 billion, will now need to find a new CEO, the third such search under chairman Mark Tucker.