The Globe and Mail reports in its Wednesday edition that HSBC Holdings PLC chief executive officer Noel Quinn plans to step down, marking a surprise departure of a hard-nosed leader who has overseen a raft of asset sales, guided the lender to record profit and lifted its share price. A Reuters dispatch to The Globe says that London-based HSBC is aiming to complete the succession process in the second half of this year, with both internal and external candidates to be considered. Chief financial officer Georges Elhedery is likely the leading internal candidate for the job. Mr. Quinn, 62, who has been in the job for five years, said he wanted a better work-life balance and planned to move into a portfolio job. HSBC's shares, which have gained roughly 30 per cent during his tenure, rose 2.5 per cent in London. Mr. Quinn has boosted the bank's returns by cutting underperforming businesses in the West, including retail banking businesses in the United States and France, HSBC Canada (sold to Royal Bank of Canada) and Argentina. Matt Britzman, analyst at Hargreaves Lansdown, said, "Market reaction suggests the strong position he leaves behind is enough to quell any uncertainty about who'll lead the business from here."