By D. Maan, Jadetimes News
HSBC Appoints Georges Elhedery as New Chief Executive
UK based banking giant HSBC has announced that Georges Elhedery, aged 50, will become its next chief executive. This follows the unexpected retirement announcement of current CEO Noel Quinn in April. Elhedery, who has been with HSBC since 2005 and currently serves as the firm's finance chief, is set to take on his new role starting September 2.
"Georges Elhedery is an exceptional leader and banker who cares passionately about the Bank, our customers, and our people," stated HSBC's chairman Sir Mark Tucker. Elhedery expressed his gratitude, saying, "I am deeply honoured by the trust placed in me to lead this great institution into the future."
During his tenure at HSBC, Elhedery has held several significant positions, including co head of the business unit that encompasses trading and investment banking advisory operations. Meanwhile, Noel Quinn, who has dedicated 37 years to HSBC, initially took on the CEO role on an interim basis in 2019 after his predecessor John Flint was ousted. Quinn was then appointed permanently in March 2020.
Under Quinn's leadership, HSBC undertook the sale of several global businesses, including recently completed sales in Canada and planned sales in Argentina. These moves were part of a broader strategy to focus more on the faster growing markets in Asia. Quinn also navigated HSBC through the challenges of the pandemic and resisted pressure from a major shareholder to split the bank's Asia assets, highlighting the difficulties posed by increased US China tensions.
In April, HSBC reported a 1.8% decline in profit for the first quarter of 2024 compared to the same period the previous year, with a pre tax profit of $12.7 billion (£9.8 billion), slightly exceeding market expectations. The bank is scheduled to announce its second quarter financial results at the end of this month.
