HSBC CEO Noel Quinn plans to retire

HSBC, Europe’s largest bank, says that CEO Noel Quinn plans to retire after serving nearly five years in the post. Quinn has worked at HSBC since 1987. As CEO, he helped with the sale of its Canada and Argentina operations and oversaw the bank’s strongest returns in more than a decade. HSBC said Tuesday that its board has started the formal process of looking for Quinn’s successor and is looking at both internal and external candidates. Quinn will continue in the CEO role during the search process and assist with the transition.