He had been serving as interim chief since August 2019.
HSBC has appointed Noel Quinn as its new chief executive, reports Reuters.
Quinn had been serving as interim chief and had already laid out restructuring plans for the bank. He took over as acting chief in August 2019 after former CEO John Flint was sacked.
His appointment ends speculation about who will lead the bank amidst a challenging outlook as the coronavirus pandemic exacerbates its underperformance in the US and its investment arm.
A lion’s share or 90% of HSBC’s profits come from Asia, and the sharp economic plunges in Hong Kong and China are likely to hit revenues and asset quality in the short to medium run.
Here’s more from Reuters.
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