HSBC, Leading UK Bank, Names Georges Elhedery as New Chief Executive
Fiona Nanna, ForeMedia News
3 minutes read. Updated 11:01AM GMT Thurs, 18July, 2024
UK-based banking giant HSBC has unveiled its next chief executive, 50-year-old Georges Elhedery. The announcement follows the unexpected retirement of current CEO Noel Quinn, disclosed in April.
Mr. Elhedery, currently serving as HSBC’s finance chief since joining the bank in 2005, is slated to assume his new role effective September 2nd. HSBC Chairman Sir Mark Tucker lauded Mr. Elhedery as “an exceptional leader and banker deeply committed to the Bank, our customers, and our people.”
“I am deeply honored by the trust placed in me to lead this great institution into the future,” remarked Mr. Elhedery in response to his appointment.
During his tenure at HSBC, Mr. Elhedery has held various pivotal roles, including co-heading the division encompassing trading and investment banking advisory operations.
Mr. Quinn, a veteran of 37 years at HSBC, initially assumed the CEO position on an interim basis in 2019 following the departure of his predecessor, John Flint. He took over permanently in March 2020 and oversaw significant global business divestitures, including recent completions in Canada and ongoing plans in Argentina. These moves are part of HSBC’s strategic pivot towards faster-growing Asian markets, based in London.
Under Mr. Quinn’s leadership, HSBC navigated challenges posed by the pandemic and resisted pressures, including from major shareholders, advocating for the bank’s breakup. Efforts to spin off its Asia assets underscored broader challenges amid escalating US-China tensions.
Recently, HSBC reported a slight 1.8% decline in pre-tax profit for Q1 2024, amounting to $12.7 billion (£9.8 billion), marginally surpassing market expectations. The bank is poised to announce its second-quarter financial results by month-end.
