STORY: HSBC is hunting for a new boss.
Current Chief Executive Noel Quinn surprised markets on Tuesday by saying he would step down.
He says it's time for a better work-life balance after five intense years at the helm.
Reputed as a hard-nosed leader, Quinn won plaudits for steering the bank through the global pandemic.
He's also boosted shareholder returns by cutting jobs and withdrawing from less profitable markets.
HSBC shares gained roughly 30% during his time at the top.
Now he'll stay on until a successor starts in the role.
The bank says it's already begun the process of a finding a new leader.
All the news came as HSBC reported better-than-expected earnings.
Pretax profit came in at $12.7 billion for the quarter to the end of March.
Despite beating forecasts, that was down on last year as the firm grapples with inflation and the cost of expanding in Asia.
HSBC also announced another $3 billion in share buybacks.
Its Hong Kong-traded shares rose over 1% following the results.
