HSBC chief executive Quinn in shock departure

(Sharecast News) - HSBC group chief executive Noel Quinn said he was retiring after nearly five years in the job, in a shock announcement on Tuesday. Quinn, 62, will remain in post until a new CEO is appointed. The news came as the lender posted a 1.8% drop in first-quarter profit to $12.7bn (£10bn), slightly higher than expectations.

"After an intense five years, it is now the right time for me to get a better balance between my personal and business life," Quinn said.

Reporting by Frank Prenesti for Sharecast.com