HSBC Appoints Georges Elhedery as New CEO Amid Strategic Growth Plan

HSBC Holdings Plc names Georges Elhedery, the 50-year-old co-head of Global Banking and Markets, as the new group CEO. Elhedery, who replaces Noel Quinn starting September 2, aims to deliver strong, sustainable performance. The transition includes substantial strategic shifts towards leveraging HSBC’s historical Asian ties for increased profitability.

HSBC Holdings Plc announced that Georges Elhedery will step in as the new group CEO, a move that underscores the bank's commitment to internal continuity as it seeks to stimulate growth. Elhedery, 50, is set to replace Noel Quinn from September 2, marking HSBC's third CEO change in under eight years.

Elhedery, who has co-led the Global Banking and Markets division since 2020, was a surprising choice for Chief Financial Officer in October 2022. Starting his banking career as a rates trader before joining HSBC in 2005, Elhedery had also headed the bank's Middle Eastern, North African, and Turkish regions between July 2016 and February 2019.

Noel Quinn, who has been at the helm for five years, announced his departure in April citing a desire for better work-life balance and exploring a portfolio career. Under his leadership, the bank underwent numerous asset sales and navigated through the global pandemic, achieving record profits and combating investor pressure for a breakup.

(With inputs from agencies.)