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The Latest Breaking News from Georges Elhedery

HSBC Targets $1.5 Bn In Annual Cost Savings After Revamp

Banking giant HSBC said Wednesday that CEO Georges Elhedery's plan since October to simplify the company's structure and geographic setup will yield $1.5 billion in annual cost savings by the end of 2026.

International Business Times

HSBC announce major cost-cutting drive including job losses as pre-tax profits top £25bn

The UK’s largest bank announced a pre-tax profit of $32.3bn (£25.2bn)

The Independent UK

HSBC announces reduction in costs amid rise in profits

The UK’s largest bank announced a pre-tax profit of 32.3 billion dollars (£25.2 billion) for 2024 on Wednesday.

Evening Standard

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Will the bonus bubbly still flow as reality bites for British banks?

Job losses, shakeups and the motor finance commission scandal will cast a shadow over lenders when they start reporting results this week

The Guardian - UK

HSBC considering boosting new CEO’s pay package to £15m

Planned overhaul would see Georges Elhedery’s salary cut, with bonuses potentially raising maximum pay by 43%

The Guardian - UK

HSBC to wind down parts of investment banking units in UK, Europe and US

Georges Elhedery has overseen a significant shake-up of the London-based firm since taking over as chief executive last September.

Evening Standard

HSBC scraps global money app Zing a year after launch

The bank’s chief executive has instigated a series of changes since stepping into the role last year.

Evening Standard

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HSBC to open London ‘wealth centre’ in effort to draw in premier clients

Aimed at those with £100,000 to £2m, service in Mayfair will offer personalised banking and exclusive events

The Guardian - UK

HSBC to start cutting top banker roles as it reveals jump in profit

The banking giant said it is ‘moving at pace’ with a major restructuring announced last week.

Evening Standard

HSBC denies breakup plan as it launches $3bn share buyback

London-headquartered bank says profits beat forecasts as it prepares to split eastern and western operations

The Guardian - UK

HSBC Reports $8.5 Billion Pre-tax Profit In Third Quarter

Banking giant HSBC said Tuesday that pre-tax profit in the third quarter rose 10 percent year-on-year, citing revenue growth in two of its divisions, days after the lender announced an organisational overhaul.

International Business Times

FTSE 100 Live 29 October: HSBC shares rally as results beat hopes, BP profits fall

Top marks for Pearson and forecast-beating HSBC today contrasted with a results-day setback for BP near the foot of the FTSE 100 index.

Evening Standard

HSBC reports nearly one billion jump in pre-tax profit in third quarter results

However, the British bank’s interest income fell by 1.6 billion dollars when compared with the same time last year.

The Independent UK

HSBC names first female CFO—Pam Kaur gets top finance job as her predecessor ascends to CEO

Kaur's appointment coincides with a reorganization of the bank.

Fortune

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The Guardian - UK

HSBC splits operations into east and west divisions in major overhaul

Bank will also divide into four businesses as it seeks to cut costs and navigate rising geopolitical tensions

Evening Standard

HSBC announces overhaul with bank split into East and West

The bank said it is simplifying operations by splitting into four key units, and geographically into East and West.

The Independent UK

Europe’s biggest bank announces overhaul with split into East and West

The changes will take effect from 2025

The Guardian - UK

New HSBC boss ‘ready to cut jobs of senior bankers to save $300m’

Reports say Georges Elhedery’s plans part of restructure that would lead to merging global and commercial units

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The Guardian - UK

HSBC on hiring spree to drive UK wealth division ambitions

Exclusive: Europe’s biggest bank hopes to double UK arm of its wealth and private banking operations

The Guardian - UK

US stocks rise on faster economic growth despite Nvidia nerves – as it happened

Live coverage as US GDP figures show faster economic growth but Nvidia share price falls in after hours trading

Evening Standard

HSBC shake-up at the top continues under Sir Mark Tucker

Another $3bn in buybacks for investors

The Guardian - UK

‘More politicised than any other bank’: HSBC’s new boss prepares to ride the Chinese tiger

Georges Elhedery learned Mandarin in preparation for the top job, a sign that he grasps exactly where his lender’s strength and weakness lie

The Guardian - UK

HSBC names new Mandarin-speaking CEO as bank prepares for US-China tensions

Lebanese-born ex-finance chief Georges Elhedery takes up job in September when bank veteran Noel Quinn steps down

International Business Times

HSBC Names CFO Elhedery As Next Chief Executive

HSBC on Wednesday named chief financial officer Georges Elhedery as the bank's next chief executive to drive "the next phase of development and growth".