HSBC’s new CEO Georges Elhedery shakes up senior staff to bolster digital, wealth business

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Elhedery, who starts on Monday, creates a group-level information officer role and names a new CEO for global wealth and personal banking

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A view of HSBC headquarters in Central, Hong Kong. Photo: Sam Tsang

Enoch Yiu

Published: 7:15pm, 29 Aug 2024

As its new CEO prepares to take office next week, HSBC is making changes to its senior management to “position the group for the next phase of development and growth”, including creating a new high-level role devoted to digital and technology development.

Georges Elhedery, who takes the reins on Monday after being named to replace Noel Quinn in July, “has reviewed the accountabilities of the current group chief operating officer (GCOO) role, and will split the responsibilities between two new group executive committee-level roles”, HSBC said in a statement on Thursday.

The split introduces a new role called group chief information officer (GCIO) that will be taken up by former Citigroup banker Stuart Riley, who will be charged with shepherding data and innovation.

Since joining the group in February, Riley “has made a strong and positive impact, demonstrating the right capabilities, energy, and values to lead HSBC’s technology teams in the delivery of our technology ambitions”, Hong Kong’s largest lender said.

Georges Elhedery takes the reins as HSBC’s CEO on Monday. Photo: HSBC

“He brings extensive experience in managing global technology for large banking institutions, most recently as global co-CIO for Citi, where he co-led the technology division,” the statement said.