New HSBC global markets head announced
(29 January 2019 – United Kingdom) HSBC bank has promoted Georges Elhedery to Head the group’s global markets division, subject to regulatory approval.
Mr Elhedery will relocate to London from Dubai, where he is the CEO of the bank’s EMEA operations appointment was subject to regulatory approval. Mr Elhedery will lead a division that generated $5.2bn of revenues in the first nine months of 2018, a decline of 6 percent on the same period of 2017. The banking industry is grappling with subpar performance on the trading floor, particularly for fixed-income products such as bonds, FX and interest rate derivatives. The majority of major US banks reported double-digit declines in fixed-income trading revenue for Q4 2018 year-on-year.
Analysts expect HSBC to also encounter earnings weakness next month. The markets division accounted for 30 percent of revenues in the first nine months of 2018. The division has had to contend with the high-profile departure of Matthew Westerman, a former Goldman Sachs banker, who left his job as co-head of the investment bank in November after just 18 months in the role. His departure came three months after HSBC lost its top UK dealmaker, Philip Noblet.
Mr Elhedery joined HSBC in 2005 after working for BNP Paribas and Goldman Sachs, and has held several senior jobs for the Asia-focused bank in Dubai and London where he was head of the company’s structured rates unit. The internal appointment follows the departure of predecessor Thibaut de Roux, who retired in September 2018 following four years in the role. Since Mr de Roux’s departure, the global markets business has been led on an acting basis by Thierry Roland, head of the division’s European operations. “I would like to take this opportunity to thank Thierry for his support and for showing great leadership in global markets during the past few months,” said Samir Assaf, HSBC’s head of global banking and markets
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