#Georges Elhedery

[lefkosahaberleri]

HSBC Yatırım Bankacılığı Alanında İşten Çıkarmalar ve Tasarruf Planları

New Post has been published on https://lefkosa.com.tr/hsbc-yatirim-bankaciligi-alaninda-isten-cikarmalar-ve-tasarruf-planlari-43460/

HSBC Yatırım Bankacılığı Alanında İşten Çıkarmalar ve Tasarruf Planları

HSBC, yatırım bankacılığı alanında işten çıkarmalara ve tasarruf planlarına yönelik önemli adımlar atıyor. Bu süreçin detayları, etkileri ve gelecekteki beklentiler hakkında bilgi edinin.

https://lefkosa.com.tr/hsbc-yatirim-bankaciligi-alaninda-isten-cikarmalar-ve-tasarruf-planlari-43460/ --------

[onlinekhabri]

In a move that underscores HSBC's commitment to stability and growth, Chief Financial Officer Georges Elhedery has been elevated to the role of Group CEO, effective September 2. This announcement marks a significant departure from the bank's recent history of outsider appointments, emphasizing the institution's confidence in its internal talent.

[trendtoday]

HSBC to detect savings of $ 1.5 billion while ELHEDRY RESTRUCTION begins

Unlock the digestive of free editor Roula Khalaf, the FT editor, chooses her favorite stories in this weekly newsletter. HSBC is preparing to detect $ 1.5 billion of annual cost savings from executive georges elhedery’s Riveli Bank. Europe’s biggest lender will determine the figures for the first time Wednesday, February 19, when Elhededeys presents full year results for investors. It is…

[trendstodaynet]

HSBC to detect savings of $ 1.5 billion while ELHEDRY RESTRUCTION begins

Unlock the digestive of free editor Roula Khalaf, the FT editor, chooses her favorite stories in this weekly newsletter. HSBC is preparing to detect $ 1.5 billion of annual cost savings from executive georges elhedery’s Riveli Bank. Europe’s biggest lender will determine the figures for the first time Wednesday, February 19, when Elhededeys presents full year results for investors. It is…

[articleinsurance]

HSBC to unveil $1.5bn savings as Elhedery’s restructuring kicks in

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. HSBC is preparing to unveil $1.5bn of annual cost savings from chief executive Georges Elhedery’s radical overhaul of the bank. Europe’s largest lender will lay out the figures for the first time on Wednesday, February 19, when Elhedery presents full-year results to…

[masr356]

HSBC to unveil $1.5bn savings as Elhedery’s restructuring kicks in | masr356.com

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. HSBC is preparing to unveil $1.5bn of annual cost savings from chief executive Georges Elhedery’s radical overhaul of the bank. Europe’s largest lender will lay out the figures for the first time on Wednesday, February 19, when Elhedery presents full-year results to…

[head-post]

European banks cutting jobs in “year of reckoning”

Deutsche Bank Chief Executive Officer Christian Sewing notified his staff on Thursday, saying he was going to reduce the number of employees, including managers. HSBC Holdings CEO Georges Elhedery said earlier this week that he was closing large parts of his investment bank in Europe and the United States, according to Luxembourg Times.

Even Swiss private banks have not escaped the turmoil, with UBS Group cutting hundreds of jobs in its home market and Julius Baer Group set to announce a wave of layoffs over the next two years.

Sewing told reporters that 2025 will be a “year of reckoning,” adding that “nothing is off limits.”

Behind all these disparate moves is a drive to boost lagging profits, a problem that could become more acute as the new Trump administration’s approach to business deregulation in the US puts European lenders at a disadvantage to their Wall Street rivals. In addition, stagnant growth in the European Union is further dampening the outlook for lending organisations in the region.

The contrast between banks in Europe and the US is already stark. Jeremy Barnum, Chief Financial Officer of JPMorgan Chase, which this month announced the biggest profit in its history, said one of the biggest challenges he faced was the “high-stakes” dilemma of what to do with all the excess capital the bank generates. Goldman Sachs Group CEO David Solomon’s message sounded confident as he spoke of the company preparing for a revival of deals.

“It’s a reflection of how European banks have struggled to compete with their US peers” since the global financial crisis, said John Cronin, a Dublin-based financial industry analyst and founder of SeaPoint Insights. “If anything, given the new pro-growth Trump administration, the top five US banks will become relatively stronger over the coming years.”

On Thursday, Deutsche Bank’s Sewing pointed to the possibility of management ranks and even entire business lines shrinking in the coming years. That came after a 14 per cent rise in fourth-quarter costs from a year earlier overshadowed better-than-expected performance at the investment bank, where fixed-income traders posted their best fourth quarter ever.

Earlier this week, Bloomberg News reported that UBS had begun a wave of job cuts in Switzerland, with hundreds of employees receiving notices in recent weeks. The measure is part of an ongoing integration with Credit Suisse, a former rival that the company bought as part of an emergency rescue two years ago.

UBS CEO Sergio Ermotti told Bloomberg this month that it would continue to reduce headcount after the historic acquisition. The Swiss lender is seeking to cut another $5.5bn (5.3bn euros) on top of the $7.5bn already achieved after the deal.

The cuts at Julius Baer will be across all divisions and the bank’s 15-member executive board will also be significantly reduced, Bloomberg News reported this week. Under the leadership of CEO Stefan Bollinger, the Zurich-based asset management firm is looking to complete a turnaround that began after losses at defunct real estate empire Signa. The bank employed about 7,400 people at the end of 2023.

Julius Baer is due to report fourth-quarter results on February 3 and UBS the following day.

Of course, not all is gloomy for European lenders. Some of them are planning to raise their payouts this year. According to Bloomberg News, Deutsche Bank plans to increase bonuses to its investment bankers by 10 per cent this month, while BNP Paribas plans to increase bonuses to its investment bankers by 5 per cent. Barclays is set to increase payouts by 20% after what has been a better year for traders and advisers.

But the biggest changes at HSBC are likely to come in June. Since taking over five months ago, CEO Elderi has become the man aiming to completely transform the UK lender.

“Going forward we will focus on areas where we can best serve our corporate and institutional clients,” said Elhedery’s lieutenant Michael Roberts, who heads the corporate and institutional banking division.

Still, the bank will have a strong presence in Asia, especially China and Hong Kong, and the Middle East.

“I don’t think this is about having to make a difficult choice between serving China versus serving the West – it’s about cold hard commercial facts,” said Alex Marshall, managing partner at CIL, a consultancy firm. It is “a realistic and pragmatic doubling-down of their bet on Asia and MENA capital flows” and it’s not that they are really abandoning a position of great strength in Europe and the US, he said.

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[influencermagazineuk]

HSBC, long an iconic figure on the streets of Europe and around the world, has announced the end of one of its strategic ambitions: competing with JPMorgan Chase, Goldman Sachs and other Wall Street and City of London titans. This move, which has caught many within the bank off guard, is part of the bank's decision to scale back its corporate advisory and equity underwriting operations in key global financial hubs like New York, London, and continental Europe. The announcement came last Tuesday, after select managers in the affected departments were informed last Friday. Most of the bank's staff members, however, had no prior warning about the cuts. On the day of the announcement, employees were asked to join a conference call where CEO Georges Elhedery, along with Michael Roberts, HSBC's new head of corporate and institutional banking, delivered the news. As the call went on, it became clear that once the bank's current deals were concluded, their positions would be eliminated. Yaui Jimdmei 2826, CC0, via Wikimedia Commons For those in the firing line, the losses will probably include a reduction of staff numbers into the low hundreds. However, there is an upside for some: HSBC has offered some employees the choice to transfer over to its operations in Hong Kong or Dubai, where the bank continues to keep a strong position in investment banking. Although HSBC refused to issue official statements, the internal discussion has clearly spelled out the nature of the evolving approach of the bank. When called, Elhedery pointed out that it was no longer possible for the bank to incur the costs to run smaller scale operations that barely had a shot at competing with the industry big guns. Roberts added, "The bank needs to focus on its core strengths in Asia and the Middle East. That's where HSBC is significantly more competitive." It is the largest bank in Europe and a major player in the global debt market, but HSBC has struggled considerably in M&A and equity underwriting. Last year, the bank was ranked 15th in equity and equity-linked deals in the U.S., showing a minor improvement from last year's position but still behind smaller players like Jefferies Financial Group and Mizuho Financial Group. HSBC has not done better in M&A activities in the U.K. and Europe, ranking only 15th in the region. Last year—a step forward from 26th the year before but not near the ranks of the major investment banks.HSBC was struggling to build scale in US and European equities, and M&A over time, says Joseph Dickerson, a bank analyst at Jefferies. This was an important reason why the bank is leaving these lines of business, he adds. By contrast, HSBC remains a consistent European debt issuance top 10 performer, and at times in the top five. In Asia, it has had an outsized advantage and generally outperforms peers. The regional structure, as highlighted by Roberts, was built to play off the large network into clients and an opportunity for a lot of investments and financing from anywhere in the world. The company has also established incentives for the employees who are in the middle of the deals that they are working on as part of the restructuring. The staff employees will be provided with special bonuses till their current work is completed, which acknowledges the unsettling nature of the company's decision to shutter its M&A and equity underwriting divisions. The bank continues to advise on live transactions, such as Fortress's £350 million bid for UK-listed Loungers Plc. Although exiting M&A and equity capital markets is a rare decision for a corporate bank, the management of HSBC is evidently shifting its attention to more lucrative and sustainable ventures. This comes at a time when global dealmaking activity is rebounding, especially in Europe. This move is in line with the overall strategy of the bank's CEO, Elhedery, to reduce the bank's cost base by about $3 billion. The restructuring, which has already reduced the management board by a third, reflects the bank's determination to streamline its operations into four key divisions. Meanwhile, the Middle East business of HSBC, which has been grouped under the Asia umbrella as part of the reorganization, has been largely spared from the cuts that are hitting the bank's European operations. This has provided relief to employees in the region who are less affected by the ongoing changes. Edward Firth, an analyst on banks at Keefe, Bruyette & Woods in London, said that though the changes seem small for a bank of HSBC's dimensions in global reach, it is has been long apparent that the bank was struggling in these areas. The change marks one other chapter of the going efforts of the bank to refocus its strategy and strengthen its core business areas. Read the full article

[newshare24]

HSBC Eyes US$3 Billion Cost Savings in Restructuring Under CEO Elhedery

Free Newsletter Get the hottest Fintech Singapore News once a month in your Inbox HSBC Holdings is intensifying efforts to cut costs under CEO Georges Elhedery, aiming to save at least US$3 billion by June 2025, according to a Bloomberg report. The initiative represents approximately 10% of HSBC’s projected US$32.6 billion annual expense bill for 2023. Bloomberg Intelligence analysts suggest…

[lefkosahaberleri]

HSBC'nin Yeniden Yapılandırma Planı ve Stratejileri

New Post has been published on https://lefkosa.com.tr/hsbcnin-yeniden-yapilandirma-plani-ve-stratejileri-37827/

HSBC'nin Yeniden Yapılandırma Planı ve Stratejileri

HSBC’nin yeniden yapılandırma planı ve stratejileri, mali sürdürülebilirlik ve büyüme hedeflerini nasıl şekillendiriyor? Bu içerikte, bankanın yenilikçi adımları ve gelecek vizyonu hakkında detaylı bilgi edinin.

https://lefkosa.com.tr/hsbcnin-yeniden-yapilandirma-plani-ve-stratejileri-37827/ --------

[leprivatebanker]

HSBC profits beat expectations as it launches $3bn share buyback

Chief executive Georges Elhedery recently unveiled a sweeping overhaul of the lender

[accapitalmarket]

BoE August cut bets rewind, ECB poised to hold today

UK stocks and the pound were mixed on Wednesday after unchanged inflation data saw a dialling back of bets for an August interest rate cut by the Bank of England (BoE).

The UK consumer prices index held steady at 2.0% in June, defying forecasts for a slight fall, heightening uncertainty around when the BoE will start its easing cycle. The odds of a rate cut in August dropped to 33%, from 49% before the data.

Other UK data showed a sharp acceleration in UK house price in May, with the average home price rising 2.2% year-on-year to £285,000. That marked a rebound from the 1.3% growth in April and continues a trend of rising prices after eight months of decline.

On currency markets, sterling was a beneficiary of the rate cut uncertainty against the US dollar, adding 0.3% at 1.3004. But the pound lost 0.02% versus the euro at 1.1891 having given back earlier gains, with all eyes on the latest European Central Bank (ECB) interest rate decision on Thursday.

After cutting rates at its last meeting, the ECB is expected to leave its benchmark rates unchanged for now, though the focus will be on whether the central bank’s president Christine Lagarde gives any clues about a further rate cut in September.

At the stock market close in London, the blue-chip FTSE 100 index was up 0.3% at 8,187, snapping a two-session losing streak, rallying in the afternoon helped by continuing strength for US blue chips.

But the more domestically focused FTSE 250 index shed 0.6% at 21,093 as investors assessed the new Labour government’s first legislative plans, as outlined in the King’s Speech at the opening of the recently elected Parliament.

Energy issues found support due to gains in oil prices thanks to a weaker dollar and a report that showed a decline in US crude stockpiles. BP was up 1.4% and Shell ahead 0.4%.

Water companies Severn Trent and United Utilities both rallied after recent falls, adding 1.9% and 1.7% respectively. The sector had suffered in the previous session after regulator Ofwat announced an expanded investigation into water companies' management of wastewater treatment works.

And HSBC added 0.41% following news George Elhedery, the global banking giant’s current finance chief would be promoted to chief executive starting in September. He replaces Noel Quinn, whose departure had already been announced.

But on the downside, Antofagasta was the biggest FTSE 100 faller, down 6.1%, after the Chilean miner said it expects full-year copper output at the lower end of its guidance range.

Meanwhile blue-chip insurer Legal & General Group shed 1.5% after analysts at Canadian broker RBC downgraded the stock to sector perform from outperform.

And, on the second line, Genus dropped 10.8% after the animal genetics firm said its 2025 adjusted operating profit would be lower than its earlier forecast.

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[steadhammond]

HSBC appoints Georges Elhedery as group CEO starting Sept. 2 - CNBC

* HSBC appoints Georges Elhedery as group CEO starting Sept. 2  CNBC * HSBC names veteran insider Elhedery as CEO, signals continuity in strategy  Reuters * Georges Elhedery: who is HSBC’s new chief executive?  Financial Times * HSBC Names Elhedery CEO, Picking Insider for Top Job  Bloomberg * HSBC Names Georges Elhedery as Chief Executive  The Wall Street Journal

[topnews]

HSBC appoints Georges Elhedery as group CEO starting Sept. 2 - CNBC http://dlvr.it/T9hgt6

[offtrackkorea]

HSBC puts global footprint under fresh scrutiny, considers dozen exitson May 24, 2023 at 4:50 pm

In his first interview since taking the role, Chief Financial Officer Georges Elhedery exclusively told Reuters that HSBC is reviewing a possible exit from as many as a dozen countries, or one in five of the markets it operates in, to sharpen its focus on Asian expansion.      The post HSBC puts global footprint under fresh scrutiny, considers dozen exits appeared first on Reuters News Agency.

[masr356]

HSBC in £15mn pay package talks with CEO Elhedery | masr356.com

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. HSBC is in talks to award chief executive Georges Elhedery a pay package of as much as £15mn, almost six months after he was appointed and embarked on a significant cost-cutting drive at the bank.   Under the plans, Elhedery’s fixed pay would be halved while that tied to…