HSBC CEO Noel Quinn Unexpectedly Steps Down

(Bloomberg) — HSBC Holdings Plc’s Chief Executive Officer Noel Quinn is unexpectedly stepping down after nearly five years in the job, triggering a search for a replacement at Europe’s largest bank.

The board has begun a formal process to find a successor, and will consider both internal and external candidates, according to a statement Tuesday. Quinn will stay on during this process to ensure a smooth and orderly transition, it said.