HSBC has announced within it that its chief bank officer, Greg Guyett, will oversee the entire banking and marketing sector in the six-month week of his colleague, Georges Elhedery.
Elhedery, who runs the global rental service in London, said in a memo to employees Friday that “for my own development and growth, for several years I have been thinking about the week”. He added that since the money bank had achieved its targets by the end of 2022 the first year, it was a good time to retire.
Guyett, who oversees major markets and M&A consulting services, will now oversee the regional market segment from March until Elhedery returns in September.
Patrick George, head of markets and security in Europe and North America, Monish Tahilramani, head of the upcoming MSS markets and Suzy White, head of MSS, will run the day-to-day business and inform Guyett, according to the memo.
Separately, Guyett and three other officials were required to do so moving to Hong Kong last year as part of a sweeping rehabilitation strategy that figuratively “moved the heart of business in Asia”, as CEO Noel Quinn explained at the time.
Nuno Matos, chief financial officer and banker, Barry O’Byrne, chief financial officer of the world bank and Nicolas Moreau, head of asset management all moved in his time.
However, Guyett did not relocate last year and consider his responsibilities for some time – and the fact that most international flights to Hong Kong are suspension due to the “zero Covid” issues in the region – its move has been delayed until September.
Some employees wondered why they did not move as promised last April, but another official confirmed his intention to do so.
Guyett’s recent move to reflect the challenges posed by China’s zero Covid policy on global corporate governance.
Hong Kong’s ban on international travel to reduce the spread of the Omicron coronavirus has left financial officials and corporations out of the city if they return to the US or UK for Christmas.
Like many of its peers, HSBC has enjoyed a number of banking transactions during the Covid crisis, encouraged by the increase in M&A and loan repayments, government funding and flexible financial policies.
Guyett and Elhedery have been tasked with changing the segment after years of criticism for inefficiency and market downturn. While the increase in revenue in 2020 and early 2021 have helped revitalize the sector, in the third part work remained behind European players, such as Barclays, and Wall Street banks.
While it is not uncommon for one of the Elhedery officials to take action, especially in a competitive and unforgiving world of financial banks, HSBC allows them if other options are met and a 17-year-old soldier is qualified.
“I am fortunate that HSBC allows co-workers, on all fronts, to spend less time in business… in a memo, stating that he had the support of Quinn.
“Weeks are a chance to reflect on some of the things we often fail to do. . . I’m looking forward to breathing, ”said Elhedery.
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