Photograph: Yui Mok/PA
Chief executives at HSBC, like those at Barclays, have had a habit in recent years of leaving in dramatic circumstances. The last one, John Flint, was ousted by a chairperson, the current incumbent Mark Tucker, who had appointed him only 18 months earlier. Going back to 2010, Michael Geoghegan was summoned to the Goring hotel to be told he wouldn’t be following the traditional cosy path to the chairperson’s office and therefore should decide if he wanted to stay as chief executive; he quit.
By contrast, Noel Quinn’s announcement of his exit came with fewer fireworks. Or, at least, his explanation was easy to follow. Quinn says the past few years have been “intense” and he would rather do something else, such as find “a better balance between my personal and business commitments”. Since he’s 62, has been at HSBC for 37 years and has earned more money (£10.6m last year) than he probably ever thought possible when he joined the old Midland bank, getting out seems perfectly sensible.
