On Tuesday, HSBC reported a first-quarter profit down 2%, but ahead of expectations, and announced the forthcoming departure of CEO Noel Quinn.

Europe's largest bank in terms of assets posted a taxable profit of $12.7 billion for the January-March period, against analysts' expectations of around $12.6 billion.

The Group reports that a $4.8 billion gain on its Canadian banking activities was partially offset by $1.1 billion in provisions due to its exit from the Argentine market.

Its net banking income rose by 3% to $20.8 billion in the first three months of the year, while its operating expenses increased by 7% to $8.2 billion.

After completing its latest share buyback program for $2 billion, HSBC announced its intention to now acquire new shares for a total amount likely to reach $3 billion.

This is much better than the consensus forecast of around two billion dollars.

But the main news of the day is the announcement of the planned departure of CEO Noel Quinn, who has indicated his intention to step down after almost five years at the helm of the bank.

'During his tenure, HSBC generated record profits and its highest profitability rates in over a decade', the bank said in a statement.

He has also successfully simplified the bank's structure and refocused its activities", it concludes.

The Board of Directors says it has already launched a search process for his successor, both internally and externally, during which time Noel Quinn will continue in his role.

On the London Stock Exchange, HSBC shares were up 2.5% on Tuesday morning after all these announcements.

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