HSBC appoints Georges Elhedery as CFO, potential CEO-in-waiting

HSBC named Georges Elhedery, a former head of its investment bank, as its new chief financial officer in a surprise move that leaves him in pole position to eventually succeed Chief Executive Noel Quinn.

The change came as HSBC reported profits slid 42% in the third quarter, hit by rising loan losses as well as charges from the sale of its French business as it seeks to boost profits and placate unhappy investors including its largest, China’s Ping An Insurance Group.

HSBC’s net interest income swelled by 30% to $8.6 billion, the highest in eight years mainly due to rising interest rates.

(US.HSBC)