Live, rolling coverage of business, economics and financial markets as business group warns on austerity ‘doom loop’ and investors buy UK bonds
HSBC chief executive Noel Quinn has insisted the bank is not readying a succession plan after the surprise replacement of its chief financial officer.
There was “no change to my commitment” to the bank in light of the announcement, Quinn said. The bank promoted Georges Elhedery, the co-head of its global banking and markets division, to the finance position – and he has been tipped as a successor to Quinn.
Elhedery’s sudden elevation comes after the 48-year-old took a six-month sabbatical from HSBC in January, citing a desire to travel with his family and explore personal interests.
Continue reading…
