HSBC appoints its current CFO as new CEO, replacing Gao Xiqing
AInvestWednesday, Jul 17, 2024 2:10 am ET
1min read
HSBC --

HSBC announced on Wednesday that it had appointed Georges Elhedery as its new CEO, effective September 2.

Elhedery, who joined HSBC in 2005 and is currently its chief financial officer, will replace outgoing CEO Noel Quinn, who has been in the role for less than eight years.

Quinn, who has led the global bank for five years, will remain as chief executive until his successor takes over.

Quinn oversaw a wave of asset sales during his tenure, responded to a global pandemic and a revolt of investors pushing for the bank’s 160-year-old institution to be broken up, and led the bank to record profits.

HSBC is the largest European bank by assets, with a balance sheet of $3trn, and is currently betting on its historic links to Asia to boost profits.

Since the 2008 financial crisis, HSBC has shrunk its global business by about a quarter, exiting low-growth markets and reallocating capital and resources to Asia.

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