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☆ HSBC CEO announces surprise retirement
▼ + stars: | 2024-04-30 | by ( ) edition.cnn.com time to read: +3 min

Hong Kong — HSBC has announced its chief executive Noel Quinn will retire — a surprise departure by its hard-nosed leader of five years who has overseen a sweeping series of asset sales across the globe. “We do hope that the next CEO would lay out more plans, execution-wise, to further increase the bank’s businesses in Asian countries,” he added. “I’ve held intensive leadership roles since I took on a commercial bank role in October 2008, so I’m personally ready for a change,” Quinn told reporters on a call. HSBC also faced criticism in recent years from Western lawmakers over its dealings with China amid growing geopolitical tensions. The London-headquartered bank also announced $3 billion worth of share buybacks on top of $2 billion in share purchases announced in February.

Persons: Noel Quinn, —, Georges Elhedery, Quinn, ”, Simon Yuen, “ I’ve, I’m, ” Quinn, “ It’s, Mark Tucker, “, ” Tucker, China’s Organizations: HSBC, HSBC’s, Management, China’s Ping An Insurance Locations: Hong Kong, Asia, United States, France, Argentina, Canada, Europe, China, The London

☆ HSBC is 'very positive' about the future of China's economy, CFO says
▼ + stars: | 2024-03-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Hong Kong observation wheel and the HSBC building in Victoria Harbour in Hong Kong. HSBC is "very positive" about the mid to long-term outlook for the Chinese economy despite current headwinds, the British bank's chief financial officer told CNBC. This prompted Beijing to ramp up its efforts to bolster manufacturing and domestic tech, in a bid to modernize its economy and remain globally competitive. "We're looking at major economic transition, which is taking place, which gives us very strong grounds to be very positive about the medium and long term outlook," Elhedery said. He suggested that China's economic maturity has reached such a stage that now is the "right time to transition into what more mature economies are."

Persons: Karen Tso, Georges Elhedery, Elhedery Organizations: HSBC, CNBC Locations: Hong Kong, Victoria Harbour, British, China, Beijing, London, Asia, Pacific

☆ Very positive about the medium and long-term outlook on China: HSBC CFO
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVery positive about the medium and long-term outlook on China: HSBC CFOGeorges Elhedery, CFO of HSBC, discusses Fed rate cuts and China's economic transition in an exclusive interview with CNBC.

Persons: Georges Elhedery Organizations: HSBC, CNBC Locations: China

☆ HSBC invites shy investors to turnaround party
▼ + stars: | 2023-08-01 | by ( Una Galani | ) www.reuters.com time to read: +4 min

The turnaround Quinn launched shortly after taking charge of the London-headquartered bank in 2019 is gaining momentum. In the three months to the end of June, HSBC almost doubled its pre-tax profit to $8.8 billion compared with the same period last year. He’s catching up with market expectations, too, aiming for a return on tangible equity in the mid-teens and echoing Visible Alpha’s consensus numbers for 15% this year, and almost 14% next. Crucially, Quinn and his newish finance chief, Georges Elhedery, can focus on improving the bank’s performance with fewer distractions. All shareholders, though, clearly still need some convincing to join HSBC’s turnaround party in earnest.

Persons: Noel Quinn, Quinn, Georges Elhedery, Ping, Antony Currie, Thomas Shum, Oliver Taslic Organizations: Reuters, HK, HSBC, Reuters Graphics Reuters, Ping An Insurance, Thomson Locations: MUMBAI, London, Hong Kong, China, Asia, Europe, North America, Canada

Instead, despite reporting robust profits, banks' shares have broadly stumbled as they forecast margin pressure, suggesting intensifying competition for customers' deposits and mortage business to come. "It may be that we've seen the peak of margin," said William Chalmers, finance chief of Britain's biggest domestic bank Lloyds (LLOY.L) on Wednesday. Lenders say they have started to pass on higher rates to savers, adding that profitability is rebounding after years of low margins. Pressure to immediately increase the rates banks pay savers has been intensified by the digital offerings from U.S. entrants into the market such as JPMorgan and Goldman Sachs, executives at the top British lenders said. In contrast to floating rates, which broadly track the Bank of England benchmark, fixed mortgage rates have started to fall as competition intensifies.

The global job cuts at the London-headquartered bank will fall across several business units and geographical locations and result in the loss of at least 200 positions, mostly with the title of Chief Operating Officer (COO), the sources said. HSBC, which used to position itself as the world's local bank, employs many COOs because country and business lines have their own separate COO, the sources said. The lender has been shrinking its sprawling global business for several years, downsizing in many regions and exiting some countries entirely as it tries to improve shareholder returns. The initiative, codenamed Project Banyan, follows HSBC's last major redundancy plan in 2020, which targeted up to 35,000 job cuts globally across all staffing levels. Three separate sources confirmed job cuts were underway, as HSBC joins a chorus of other western banks axing staff as a bleak global economic outlook weighs on business, consumer and investment banking revenues.

[1/2] Chief Financial Officer of HSBC Georges Elhedery poses for a photo in this undated handout picture. It’s also surprised investors and raised questions about HSBC’s direction. Known at HSBC (HSBA.L) for his strategic vision more than for his accounting skills, Elhedery has climbed the ranks of HSBC’s investment bank since joining in 2005. "It was a surprise to us,” said Hugh Young, Asia chairman of Aberdeen Standard Investments, one of HSBC's top 25 shareholders. CEO Noel Quinn has done a good job but investors are impatient for faster progress, Young said.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. Register now for FREE unlimited access to Reuters.com RegisterSince his return to HSBC in September, Elhedery has been working on projects for Quinn. He is one of several Lebanese bankers to rise to the top ranks at HSBC, including his predecessor heading the investment bank, Samir Assaf. Shares of Hong Kong-listed HSBC, which makes the bulk of its sales and profit in Asia, fell 2.5% in a firm broader market (.HSI). "This is about how the group executive committee is positioned with potential succession options for the future," Quinn told Reuters.

☆ HSBC Promotes Veteran Banker to CFO; Profit Falls on Higher Credit Losses
▼ + stars: | 2022-10-25 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

HSBC Holdings PLC reported a 46% drop in third-quarter profit and named a veteran banker as its new chief financial officer, putting him in the mix as a possible successor to the top job at the global banking giant. The bank has appointed Georges Elhedery , 48 years old, as its new finance chief. He is replacing Ewen Stevenson , who is stepping down from the job at the end of the year and leaving the bank in April. HSBC Chief Executive Noel Quinn called Mr. Elhedery “an exceptional leader” in a statement.

☆ HSBC ditches its cost-cut tsar before job is done
▼ + stars: | 2022-10-25 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

LONDON, Oct 25 (Reuters Breakingviews) - HSBC (HSBA.L), (0005.HK) boss Noel Quinn is getting rid of a cost-cutting finance chief, Ewen Stevenson, while his skills are still in need. The former Royal Bank of Scotland chief financial officer and Credit Suisse (CSGN.S) banker only started as HSBC CFO in January 2019. HSBC has so far managed to axe about $4.9 billion of gross annual expenses under a programme launched in early 2020. To keep HSBC’s investors happy, Elhedery will have to do his best impersonation of the bank’s outgoing cost-cutting tsar. Reuters GraphicsFollow @liamwardproud on TwitterloadingCONTEXT NEWSHSBC on Oct. 25 appointed Georges Elhedery as chief financial officer.

☆ FTSE 100 muted as HSBC earnings disappoint
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 flat, FTSE 250 up 0.2%Oct 25 (Reuters) - UK's FTSE 100 was subdued at the open on Tuesday after a burst of optimism following Rishi Sunak's victory in the race to become the new prime minister, while HSBC slipped, dragged by a sharp drop in quarterly profit. Register now for FREE unlimited access to Reuters.com RegisterOverall, the blue-chip FTSE 100 was flat after closing at its strongest level in over two weeks on Monday, while the domestically oriented FTSE 250 added 0.2%. Sunak will be appointed prime minister by King Charles on Tuesday, replacing Liz Truss, who lasted six weeks in the job after her economic programme sparked panic in financial markets. read moreOnline retail platform THG (THG.L) jumped 17.2% after it reiterated full-year forecast, and said it has made a positive start to the fourth quarter. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Johann M Cherian in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Tech tonic and Sunak salve
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +5 min

A massive week for top technology firms worldwide pits U.S. mega cap earnings against the withering slide in China tech shares amid domestic political and economic fears. read moreBut the decimation of Chinese tech stocks (.HSTECH) this week was more worrying. read moreU.S.-listed shares of Chinese companies such as Pinduoduo (PDD.O), JD.com and Baidu Inc plunged between 12% and 25% in New York on Monday. read moreHSBC's shares fell almost 7% in London, meantime, as investors digested a sudden management change and rising bad loan charges. As investors awaited the European Central Bank's latest interest rate rise on Thursday, German business readings were above forecast for October.

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