HSBC, a big UK-based bank, has announced Georges Elhedery, 50, as its new CEO. He will start on September 2nd. This change follows the sudden retirement announcement of the current CEO, Noel Quinn, in April.
Elhedery has been with HSBC since 2005 and is currently the finance chief. HSBC’s chairman, Sir Mark Tucker, praised Elhedery for his leadership and dedication to the bank, its customers, and employees.
Elhedery has held various roles at HSBC, including co-head of the trading and investment banking advisory operations.
He expressed his honor in leading the bank into the future. Quinn, who has been with HSBC for 37 years, became CEO in 2019 after John Flint was removed from the position and took on the role permanently in 2020.
During his time as CEO, Quinn led the sale of several of HSBC’s businesses worldwide, including operations in Canada and plans to sell the business in Argentina.
These moves were part of HSBC’s strategy to focus more on faster-growing markets in Asia. Quinn also navigated the bank through the pandemic and resisted pressure from a major shareholder to split the bank’s Asia assets, reflecting the challenges HSBC faces amid US-China tensions.
In April, HSBC reported a 1.8% drop in profit for the first three months of 2024 compared to the same period last year, with a pre-tax profit of $12.7 billion (£9.8 billion), slightly better than market expectations. The bank will announce its second-quarter financial results at the end of this month. 【BBC】
https://www.bbc.com/news/articles/c51yp5z3w21o