HSBC announced overnight on Wednesday that interim CEO Noel Quinn, who has been holding the seat since the departure of former CEO John Flint in August 2019, is now permanently appointed to the position with immediate effect. This follows the decision in February to not name a permanent CEO until after the announcement of the bank’s full-year results.

At the time of his interim appointment, Quinn had reportedly told HSBC chairman Mark Tucker that he wanted the role permanently. His decisions in the last seven months may have been a further indicator of that ambition: he has already presided over a shake-up of the senior management team and announced a major strategic restructuring that will see 35,000 jobs, or 15 percent of the bank’s workforce, cut.

HSBC has traditionally appointed its CEO from among its own long-serving veterans, and Quinn, who has been with HSBC since 1987 and previously headed the bank’s global commercial banking business, certainly fits the bill.

In the bank’s statement, Tucker described Quinn as a “strong and proven leader” who can drive the business forward, saying: “In the last few months Noel has worked closely with the Board to agree the key actions required to build and enhance performance on a sustainable basis. He has shown a great understanding of HSBC, the challenges we face and the significant opportunities for growth that lie ahead.”