Global financial major HSBC (HSBC) has appointed Georges Elhedery as its group CEO. Elhedery replaces Noel Quinn, who led HSBC for nearly half a decade.
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Quinn’s Departure
The development comes after HSBC surprised investors by abruptly announcing the departure of Quinn, who has been with HSBC for over three decades, in April. At the time, Quinn summed up his stint as HSBC’s CEO as “an intense five years.” Quinn’s notice period at the financial behemoth ends in April next year.
HSBC’s Asia Pivot
Meanwhile, Elhedery, a company veteran of nearly 19 years, has been serving as HSBC’s CFO since January 2023 and will continue to act as CFO during the transition period. His new appointment is set to become effective in the first week of September.
In recent times, HSBC has been focused on the rapidly growing Asian markets. Its pivot has included divestment of some of its operations in North America and France. Concurrently, it has been setting up a presence in India, Singapore, and China. The strategy could continue to progress under Elhedery, who devoted some of his recent months to learning Mandarin.
HSBC’s Upcoming Q2 Numbers
Separately, HSBC is slated to report its second-quarter results on July 31. Analysts expect the company to post an EPS of $1.57 on revenue of $15.99 billion for the quarter. In the comparable year-ago period, HSBC’s EPS of $1.73 had comfortably outpaced expectations by $0.14.
Is HSBC a Buy, Sell, or Hold?
HSBC’s share price has gained nearly 18% over the past year. Overall, the Street has a Strong Buy consensus rating on the stock, alongside an average HSBC price target of $51.
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