FILE PHOTO: Georges Elhedery, HSBCÕs chief executive for the Middle East and North Africa, gestures during an interview with Reuters in DubaiLONDON -When Georges Elhedery took a six-month break from HSBC in 2022, some feared he had called time on a 17-year stint at the Asia-focused lender. But two years on, the novice Mandarin-speaker is just weeks away from becoming chief executive.
Elhedery's latest promotion, to arguably the biggest job in European banking, is much less of a surprise to shareholders and insiders, many of whom said the man known for taking 10-km runs before work was the obvious choice. One of Elhedery's former colleagues, who also served in the bank's top ranks, pointed to Elhedery's "excellent temperament" describing him as low-key but decisive.Elhedery, 50, was born during Lebanon's civil war that split its capital Beirut into Christian east and Muslim west, growing up with a retail banker father and teacher mother, he has said in past interviews.
In 2020, some 15 years after joining the Global Banking and Markets business, Elhedery became its co-head, taking over from fellow Lebanese-born, Paris-educated banker Samir Assaf. He returned to work in September that year, after recharging his batteries and learning Mandarin - quietly underscoring his ultimate ambition to one day land the bank's top job.While Quinn was able to calm the disquiet among some Asia-based shareholders, questions hover over HSBC's future, as tension builds between the West and China, and could increase further after U.S. presidential elections in November.
As revenue slumps from a "challenging advertising environment," Canadian media company Corus Entertainment — which houses brands like Global News and YTV — is "aggressively" cutting costs, continuing layoffs and shutting down parts of its business.
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