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Quinn steps down after five years as HSBC head

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good morning. HSBC's chief executive Noel Quinn is set to abruptly step down after five years, starting a search for a successor at the UK-based bank.

Since taking over, Quinn, 62, has overhauled the lender, selling off some of its global operations and focusing more of its profits on Asia.

The bank's board said it has begun a formal process to find a successor and is considering internal and external candidates. Commissioner Mark Tucker said the process is expected to be completed by the second half of this year.

During his five years as chief executive, Mr. Quinn embarked on a major restructuring of the financial institution, promising to cut 35,000 jobs and cut annual costs by $4.5 billion. He also passed on a challenge from Ping An, HSBC's largest shareholder, to carve out its Asian business. Here, we detail Mr. Quinn's legacy, the search for his successor, and the bank's first quarter results.

Rex: Quinn's successor will take over the reins at a difficult time, says our investment column (premium subscribers only).

Here are some other things I'm monitoring today:

ECONOMIC DATA: Home prices are expected to rise at an annual rate of 6.7% in February, up from 6.6% in January, according to the Case-Shiller composite of 20 cities. The Conference Board also releases its latest Consumer Confidence Index. We also have inflation figures from Colombia, Brazilian statistical agency IBGE releases producer price data compared to his March, and Mexican statistical agency INEGI releases preliminary growth rates for the first quarter. doing.

Monetary Policy: Colombia's Central Bank Board votes on each country's benchmark interest rate.

Companies: Amazon is the latest major technology group to report earnings, along with a number of consumer goods groups including Coca-Cola, McDonald's, Restaurant Brands, Molson Coors, Starbucks, and Mondelez.

Binance: Qiao Changpeng, former CEO of the world's largest cryptocurrency exchange, has been sentenced after pleading guilty to violating U.S. money laundering rules.

Hostage negotiations: Hopes are rising for an agreement between Hamas and Israel that would secure the release of some prisoners in the Gaza Strip. Click here for more information on the transaction being considered. US Secretary of State Antony Blinken is scheduled to visit Israel on the final leg of his trip to the region.

5 more top articles

1. The French and Spanish economies grew faster than expected in the first quarter due to a recovery in domestic consumption and investment. The recovery in economic activity comes as the recent decline in inflation rates in some of the euro area's major member states has stalled. France reported on Tuesday that consumer price inflation rose above expectations by 2.4% in April, following Spain's similarly better-than-expected inflation of 3.4% and Germany's 2.4%. The euro strengthened against the dollar following the release of the latest euro zone statistics.

2. Apple poached dozens of artificial intelligence experts from Google and set up a secret European lab in Zurich. The tech giant is building a team to take on rivals in developing new AI models and products. The iPhone maker has attracted at least 36 experts from rival Google since hiring John Gianandrea to become its top AI executive in 2018. This secret laboratory, known as Vision Lab, has been researching the underlying technology behind OpenAI's ChatGPT.

3. WeWorks' senior creditors agree to a new $450 million investment to take control of the restructured co-working space provider and acquire the company founded by Adam Neumann. It is poised to effectively end any attempt to do so. A federal bankruptcy court judge in New Jersey approved the transaction outline yesterday. Creditors will vote on whether to approve the restructuring plan on May 30th. Learn more about creditors and their proposed deals.

In other property news: The Duke of Westminster's property company Grosvenor, which owns much of London's Mayfair and Belgravia, plans to more than double its flexible office space.

4. Larry Ellison-backed Skydance injects extra cash to gain support for complex merger that frustrated investors and led to the resignation of Hollywood Group CEO Bob Bakish By doing so, he accepted an offer to take control of Paramount. Skydance's offer includes about $2 billion to take control of National Amusements, a Shari Redstone group that owns about 80 percent of Paramount's voting stock. Please read the full text.

5. California is the first state to lower drug prices in the U.S. state by entering into an agreement with the manufacturer of an opioid overdose reversal drug to purchase the drug at a deep discount and then distribute it under its own brand. I took a step forward. Gov. Gavin Newsom said California is using its market power as the world's fifth-largest economy to drive down drug prices through a program called CalRx. Newsom said yesterday that California is disrupting the pharmaceutical industry.

The Big Read Karina Millay became known as the boss of Argentine politics Marcos Brindić/GDA/AP

Javier Mireis' younger sister, Karina, is not only the gatekeeper of her brother's presidential agenda, but also a political general who holds the reins of the party and elects senior officials in the government and legislature. The growing influence of the former baker and tarot card reader, who only entered politics in 2021, has raised eyebrows among politicians and business leaders. Ciara Nugent profiles the woman who became known as the boss of Argentine politics.

I was also reading…

US Politics: For the first time in US history, one in seven voters in this year's presidential election will be Latino, which could make a big difference in battleground states like Wisconsin, says Patti Waldmeyer Written by Mr.

Tesla: What does Elon Musk's visit to China mean for the electric car maker? Beijing resident Edward White and global auto industry correspondent Peter Campbell explain.

Japan: People, money and trade are in the spotlight for Japan, but short-term opportunities could become long-term problems, writes Gideon Lachman.

chart of the day

After a slow start to the year, the Hang Seng Index entered a technical bull market yesterday, reaching levels 20% above January's lows as inflows from international funds boosted liquidity. Sentiment towards Chinese stocks is changing, with foreign investors starting to chase low-priced, high-dividend Hong Kong-listed stocks. The Hang Seng Index is expected to be the best performing index among the major indexes in April.

Take a break from the news

International chess could be headed for an era in which India rivals the dominance of the Soviet Union in the 20th century. Gyukesh Donmarayuth's victory in the Candidates Tournament in Toronto last week could spark a boom in a country where the indoor game is already a reliable rival for cricket in Chennai and the heartland of Tamil Nadu. It hides its sexuality.

Hundreds of fans wait at the Chennai airport for the return of Gyukesh Donmarajs after his victory at the Candidates Tournament in Toronto last week. Dipayan Bose/Sopa/LightRocket via Getty Images

Additional contributions by Tee Zhuo and Benjamin Wilhelm

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