Why HSBC’s (HSBC) Shares Are Falling Premarket – HSBC Holdings (NYSE:HSBC)

November 26, 2022 by No Comments

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  • HSBC Holdings plc HSBC named Georges Elhedery as its new chief financial officer, effective January 1, 2023. 
  • Greg Guyett is appointed Chief Executive of Global Banking and Markets, effective immediately. 
  • Ewen Stevenson will be stepping down as Group CFO and Executive Director on December 31, 2022, and will leave HSBC in April 2023.
  • CEO Noel Quinn, told Reuters that while departing CFO Ewen Stevenson had done a good restructuring job over the last three years, the London-headquartered bank’s move was made with succession in mind, effectively putting Elhedery at the front of the queue.
  • “There is no change in strategy as a consequence of these leadership changes,” said Quinn. “This is about how the group executive committee is positioned with potential succession options for the future,” he told Reuters.
  • The bank reported Q3 profit after tax of $2.56 billion, down from $4.24 billion a year ago, and profit before tax fell to $3.1 billion from $5.4 billion. 
  • The results included an impairment of $2.4 billion following the reclassification of retail banking operations in France to held for sale, net charge for expected credit losses, and other credit impairment charges.
  • Price Action: HSBC shares are down 6.35% at $25.23 during the premarket session on the last check Tuesday.
  • Photo Via Company

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