UK banking giant HSBC names new chief executive

UK-based banking giant HSBC has announced that 50-year-old Georges Elhedery will be its next chief executive.
It comes after current CEO Noel Quinn unexpectedly announced in April that he was retiring from the bank.

Mr Elhedery joined HSBC in 2005 and is currently the firm’s finance chief. He is expected to take up his new role from 2 September.

“[Mr Elhedery] is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people,” HSBC’s chairman Sir Mark Tucker said in a statement.

“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.

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 on a permanent basis.

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.
He also steered HSBC through the pandemic and fought off pressure from a major shareholder to break up the 160-year-old lender.

The attempt to spin off the bank’s Asia assets was a sign of the challenges faced by HSBC at a time of increased tensions between the US and China.

In April, the lender reported a 1.8% drop in profit for the first three months of 2024, compared to the same time last year.

The company said its pre-tax profit for the period came in at US$12.7 billion, which was a little better than expected by market analysts.

HSBC is due to announce its financial results for the second quarter at the end of this month.

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