Georges Elhedery News

HSBC is preparing to wind down its M&A and equity capital markets businesses in Europe, the U.K. and the U.S. amid a broader overhaul of its investment banking operations.

HSBC is winding down itsM&A and equity capital markets (ECM) businesses in Europe and the US. While insiders purport to be surprised, the closures have an air of inevitability. HSBC's bankers are peculiarly unproductive in terms of revenues per head. In the Americas, Dealogic says HSBC ranked outside the top 10 for M&A and ECM last year. In Europe, it squeezed in with a ninth position in ECM, down from 7th in 2023. 

Can a job cut ever be «thoughtful»? If you're on the receiving end, maybe not — but this is what Michael Roberts, the man recently appointed to lead HSBC's corporate and institutional bank, said he was all about just a few weeks ago. 

HSBC Holdings Plc has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking division as Chief Executive Officer Georges Elhedery continues his hunt for ways to make the bank run more efficiently. Interviews are already underway, according to people familiar with the matter, essentially pitting senior staff who came from the commercial banking division against those from the global banking and markets unit to compete for the jobs available in the combined CIB division. The process will result in the British bank beginning to dismiss several hundred managing directors and other senior bankers in the coming weeks, the people said, asking not to be identified discussing private deliberations. As part of the shake-up, HSBC will phase out its use of the general manager titles that it gives to some of its most senior staff and will instead give those employees managing director titles, a common rank at many major financial services businesses, the people added.

HSBC’s new CEO, Georges Elhedery, has only been in charge for two months. And like all good new CEOs, he’s dabbled in a bit of wide-sweeping reform – but one of those reforms might have broader consequences for the bank’s employees than they realize.

As part of a sweeping swathe of reforms spearheaded by the group's new CEO Georges Elhedery, HSBC will operate through four business divisions with clear lines of responsibility, one is which will be the international wealth and premier banking division.  The business will bring together its premier banking-focussed businesses outside of Hong Kong and the UK, its global private bank, and wealth manufacturing businesses, asset management and insurance, the lender said in a stock exchange notice today (22 October). These changes are set to come into effect from 1 January 2025. HSBC w...

HSBC on Tuesday named veteran insider Pam Kaur as its first female finance chief and announced a major overhaul comprising a new geographic setup and four consolidated business units.

HSBC announced on Wednesday that it has appointed Georges Elhedery as group CEO, starting Sept. 2.

HSBC Holdings Plc said on Wednesday it appointed Georges Elhedery as its group chief executive, with effect from Sept. 2, making him the third CEO in less than eight years for the global lender. Elhedery is the current chief financial officer and will replace outgoing head Noel Quinn in September. Since 2020, Elhedery had been the co-head of the Global Banking and Markets business, the division that houses HSBC's trading and investment banking advisory businesses. Lebanon-born Elhedery, who began his career in banking as a rates trader before joining HSBC in 2005, was named the surprise successor to Ewen Stevenson as CFO in October 2022, just weeks after returning from a sabbatical.

Canada and Argentina branches, ANI reported.HSBC’s Hong Kong-listed shares rose nearly 1.5 per cent in afternoon trade Tuesday, while its London-listed stock increased by 2.5 per cent in early trading, Financial Times reported.The search for Quinn’s successor is underway, with the bank considering both internal and external candidates. Quinn, 62, who also steered the banks shift in focus to Asia, will remain in his role to oversee the transition until a new CEO is appointed.

HSBC has named Greg Guyett sole chief executive of its investment bank, as co-head Georges Elhedery moves to become its new chief financial officer.

Greg Guyett will take sole charge of HSBC's investment bank for six months as his co-head Georges Elhedery steps back for a sabbatical, according to an internal note to employees.

It’s a new year and a new job for many in the City this week. Here’s a summary of those turning over a new leaf.

Greg Guyett will take sole charge of HSBC's investment bank for six months as his co-head Georges Elhedery steps back for a sabbatical, according to an internal note to employees.