Georges Elhedery Named HSBC CEO, Effective Sept 2

HSBC has appointed Georges Elhedery as its new CEO effective September 2, 2024, replacing Noel Quinn who is retiring after five years as CEO. Elhedery, who joined HSBC in 2005, has held various senior roles including CFO and co-CEO of the global banking and markets division. His appointment aims to provide continuity amid the bank’s strategic shift towards growth, especially in Asia. Quinn's tenure saw significant restructuring, including asset sales and navigating shareholder pressures. Elhedery's challenges include managing geopolitical tensions, reduced interest income, and sustaining growth through fee-based products like wealth management.