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HSBC says CFO Georges Elhedery to take over as CEO

Investing.com-- HSBC Holdings PLC (LON:HSBA) on Wednesday said its current Chief Financial Officer Georges Elhedery will take over as the group Chief Executive Officer from September, replacing outgoing CEO Noel Quinn. 

Elhedery’s appointment will be effective from September 2, HSBC said in an announcement. The bank had considered both internal and external candidates to replace Quinn.  

Quinn earlier this year said he will step down after four years in the role. Quinn had led a major restructuring of HSBC’s operations, which saw the bank’s cash reserves and profitability recover drastically during his tenure. 

Elhedery had joined the bank in 2005 and was appointed as CFO in 2023. He will continue to serve as CFO until a successor is appointed. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.