HSBC appoints insider Noel Quinn as chief executive
By Lawrence White and Sinead Cruise LONDON (Reuters) - HSBC said on Tuesday it appointed Noel Quinn as chief executive officer, handing the insider and interim boss the reins of Europe's biggest bank and ending months of speculation an external candidate could get the role. Quinn, who joined HSBC in 1987, took interim charge of HSBC last August after the shock ousting of John Flint and has been auditioning for the permanent job since, despite media reports that chairman Mark Tucker preferred an external candidate. Unicredit boss Jean Pierre Mustier and incoming UBS Group Ralph Hamers were among those reported to have caught Tucker's eye
By Lawrence White and Sinead Cruise
LONDON (Reuters) - HSBC
Quinn, who joined HSBC in 1987, took interim charge of HSBC last August after the shock ousting of John Flint and has been auditioning for the permanent job since, despite media reports that chairman Mark Tucker preferred an external candidate.
Unicredit boss Jean Pierre Mustier and incoming UBS Group
"Noel has proven to be the outstanding candidate to take on a role permanently that he has performed impressively on an interim basis since August 2019," Tucker said.
Quinn takes the helm as the bank faces a tough outlook, with the impact of the coronavirus pandemic adding to its longstanding woes of underperformance in the United States and a struggling investment bank.
Quinn's appointment ends speculation over who will run HSBC as it heads into what could prove the biggest economic shock in recent times as the coronavirus epidemic brings global travel and consumer spending in many countries to a grinding stop.
Tucker defied market expectations that the bank would name Quinn or an outsider to the role when it presented its full year results and new strategy in February, leaving the interim CEO in limbo and in charge of a plan he might not be around to execute.
Ian Gordon, analyst at Investec, said he welcomed the appointment which would provide the bank “much needed strategic clarity”.
“I would have welcomed it with greater enthusiasm had it been announced alongside the strategic plan a month ago,” he told Reuters.
Quinn will earn a base salary of 1.27 million pounds per annum, the bank said.
(Additional reporting by Samantha Machado in Bengaluru; Editing by Vinay Dwivedi, Leslie Adler and Alexandra Hudson)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.