HSBC, a major UK bank, selects a new top executive

 

18/7/2024,

The announcement was made by the UK-based financial behemoth HSBC that Georges Elhedery, fifty, will take over as its next CEO.

It follows current CEO Noel Quinn's surprise announcement in April of his retirement from the bank.

Mr Elhedery became a member of HSBC in 2005 and is currently the head of finance.

It is expected that on September 2, he will start his new role.

According to a statement released by HSBC chairman Sir Mark Tucker, "[Mr. Elhedery] is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people."

“I am deeply honoured by the trust placed in me to lead this great institution into the future," Mr Elhedery said.

In his time at HSBC, Mr Elhedery has held several roles, including being the co-head of the business that houses its trading and investment banking advisory operations.

Mr Quinn, who has worked at HSBC for 37 years, was first appointed as its chief executive on an interim basis in 2019 after his predecessor John Flint was ousted from the role.

In March 2020, he took the reins of HSBC permanently.

Mr Quinn oversaw the sale of several of the bank's businesses around the world.

HSBC recently completed the sale of its operations in Canada and announced plans to do the same with its business in Argentina.

The sales were part of efforts by the London-based bank to focus more on faster-growing markets in Asia.

Along with leading HSBC through the epidemic, he also resisted calls to split up the 160-year-old lender from a significant stakeholder.

The move by the bank to split off its holdings in Asia was an indication of the difficulties HSBC was facing at a time when tensions between the US and China were rising.

For the first three months of 2024, the lender's earnings decreased 1.8% from the same period the previous year, according to a report released in April.

Pre-tax profit for the period, according to the business, was $12.7 billion (£9.8 billion), somewhat higher than market experts' projections.

This month's end marks HSBC's second quarter financial results announcement.