The chief executive of HSBC, Noel Quinn, is unexpectedly stepping down after an “intense” five years in the role, as the bank reported better-than-expected profits. Europe’s largest bank has kicked off a search for a successor and said Quinn, 62, will stay in the post until a new chief executive is found. It is looking at both internal and external candidates. Quinn is an HSBC veteran who joined the bank in 1987. The London-based lender reported an 1.8% drop in pre-tax profit to $12.7bn (£10.1bn) in the first three months of 2024, better than analysts had forecast. Revenues increased by 3% to $20.8bn. HSBC said it would buy back up to $3bn of its shares. Related: Even a ‘rate shock’ for British mortgage borrowers may not help the banks Net interest income, the difference in loan charges compared with what is paid out to savers, fell by $300m to $8.7bn as some customers moved their accounts. Non-interest income increased by $900m, reflecting a rise in trading income of $1.3bn, mainly in global banking and markets. Quinn became chief executive, initially on an interim basis, when John Flint was ousted in 2019 after just 18 months. He immediately had to navigate...