HSBC new CEO Elhedery 'committed' to build on current strategy
By Selena Li
HONG KONG, Sept 2 (Reuters) -HSBC's HSBA.L new chief executive Georges Elhedery, who took the helm at the Europe's largest lender on Monday, said he was committed to build on the bank's current strategy, according to an internal staff memo.
Elhedery, who joined HSBC in 2005, takes over the reins at the bank from Noel Quinn as the bank is trying to shift from restructuring to growth, at a time when helpful interest rate hikes may have peaked and geopolitical tensions simmer.
He started in the new role with a trip to Hong Kong, HSBC's biggest market. During the trip, he would gather feedback from his leadership teams, as well as meet clients and staff, according to the memo sent by Elhedery and seen by Reuters.
The memo comes as the bank's investors are awaiting signals on how the new CEO would bolster growth, as sources of revenue outside of its fee-based wealth business are set to fall with cuts in interest rates, while tackling other challenges.
Responding to Reuters' request for comment on the memo, a spokesperson for HSBC in Hong Kong said that Elhedery was keen to spend his first few days in Hong Kong, where he will meet a range of customers, colleagues and government officials.
"Our strategy is working, and I'm committed to continuing to build on it," Elhedery said in the memo, which came after the Asia-focussed bank announced a sweeping leadershipchange last week.
The changes included former global wealth head Nuno Mantos leaving the bank and replaced by Barry O'Byrne, who heads the London-headquartered lender's commercial banking business, starting on Oct. 1.
Elhedery said in the memo the bank was now able to accelerate the execution of its strategy and grow revenue on a "sustainable trajectory", while maintaining "high ethical standards, prudent risk management and strong cost discipline".
Reporting by Selena Li; Editing by Sumeet Chatterjee and David Evans
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
