HSBC announced that CEO Noel Quinn will retire after nearly five years, during which he led the bank to record profits and its strongest returns in over a decade. Under his leadership, HSBC simplified its operations, notably selling its Canada and Argentina businesses, and established a leading position in sustainability. The announcement coincided with a report of a slight dip in first-quarter pre-tax profits to USD12.7bn, impacted by gains from the Canada sale and losses from the Argentina operations. HSBC also revealed plans for USD3bn in share buybacks, adding to USD2bn previously announced. The bank has begun searching for Quinn’s successor as he plans to pursue a varied career post-HSBC.