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beats expectations, Group CEO Noel Quinn to retire

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The HSBC Holding logo is being displayed on a smartphone with HSBC visible in the background in this photo illustration taken in Brussels, Belgium, on February 20, 2024. 

Jonathan Raa | Nurphoto | Getty Images

HSBC beat expectations in its first quarter earnings report on Tuesday.

Revenue came in at $20.8 billion, gaining 0.3% from the same period a year ago and compared with the median LSEG forecast for about $16.94 billion.

Pretax profit in the January to March period came in at $12.7 billion compared to the $12.88 billion seen in same period last year but beating the $12.61 billion forecast from analyst estimates compiled by the bank.

Profit after tax income decreased to $10.84 billion — lower than the $11.03 billion seen in the first quarter of 2023.

HSBC has approved a first interim dividend of 10 cents per share, as well as a special dividend of 21 cents per share

The company also announced the retirement of Group CEO Noel Quinn who has been in that position for five years. The bank has started the formal process of searching for his successor, the company said.

This is breaking news. Please check back for updates.

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Investors hope April 2 could bring some tariff clarity and relief. That may not happen

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Cliff Asness’s AQR multi-strategy hedge fund returns 9% in the first quarter during tough conditions

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Cliff Asness.

Chris Goodney | Bloomberg | Getty Images

AQR Capital Management’s multistrategy hedge fund beat the market with a 9% rally in the first quarter as Wall Street grappled with extreme volatility amid President Donald Trump’s uncertain tariff policy.

The Apex strategy from Cliff Asness’ firm, which combines stocks, macro and arbitrage trades and has $3 billion in assets under management, gained 3.4% in March, boosting its first-quarter performance, according to a person familiar with AQR’s returns who asked to be anonymous as the information is private.

AQR’s Delphi Long-Short Equity Strategy gained 9.7% in the first quarter, while its alternative trend-following offering Helix returned 3%, the person said.

AQR, whose assets under management reached $128 billion at the end of March, declined to comment.

The stock market just wrapped up a tumultuous quarter as Trump’s aggressive tariffs raised concerns about an severe economic slowdown and a re-acceleration of inflation. The S&P 500 dipped into correction territory in March after hitting a record in February.

For the quarter, the equity benchmark was down 4.6%, snapping a five-quarter win streak. The tech-heavy Nasdaq Composite lost 10.4% in the quarter, which would mark its biggest quarterly pullback since a 22.4% plunge in the second quarter of 2022.

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Stocks making the biggest moves midday: Tesla, Newsmax, Bloom Energy, On Holding, Roblox and more

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These are the stocks posting the largest moves in midday trading.

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