HSBC has named Noel Quinn its permanent chief executive, ending its months-long search for an executive to lead the bank through a difficult period of restructuring and, now, the coronavirus crisis engulfing markets.

Quinn’s appointment becomes effective immediately, according to a statement from the bank on 17 March. The appointment will allow him to push through his plan to transform the UK lender into a leaner, more profitable enterprise — which will involve around 35,000 job losses.