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FINANCIALS: HSBC Appoints CFO As New CEO. No Surprise, No Credit Impact.

FINANCIALS

HSBC (HSBC: A3/A-/A+) appoints CFO as new CEO. No surprise, no credit impact.

  • HSBC CEO, Noel Quinn, announced his plans to retire in Apr-24. HSBC has form in appointing internal candidates to the top jobs and today has announced that Georges Elhedery, currently CFO, will take over on 2-Sep-24. We see this as no surprise at all.
  • Elhedery has been at HSBC for nearly 20yrs, serving in a range of roles largely within the investment bank but also as CEO of Middle East, North Africa & Turkey. He’s been CFO since Jan-23 and a successor will be announced in due course.
  • HSBC is due to report 2Q24 results on 31-Jul.

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