It’s no wonder the former chief financial officer is looking to move swiftly. As central banks around the world cut interest rates — moves that will eat away at the revenue of big, global lenders like HSBC — Elhedery will have to find a way to shave off US$2 billion in costs in order to sustain a key measure of the bank’s profits, according to Bloomberg Intelligence.
With just two weeks under his belt as the new chief executive officer of HSBC Holdings, Georges Elhedery has made it clear he’s looking to make his mark on the bank.
Since he took over, Elhedery has weighed kicking off what could amount to HSBC’s most significant restructuring in more than a decade. He’s also considered disposing of a couple of non-core businesses and he’s been pleading with staffers to keep costs in check.
