Stevenson has been in the role since 2019, while Elhedery has been co-CEO of global banking and markets since 2020.
This news comes as the bank reported a £2bn ($2.3bn) annual decline in profit before tax to £2.73bn ($3.1bn) for Q3 2022, and a £1.5bn ($1.7bn) drop in profit after tax to £2.3bn ($2.6bn).
As of 30 September, HSBC’s mortgage lending in the UK rose by £7.9bn ($9bn) and the group’s net interest income rose 29 per cent which it owed to interest rate rises. Its net interest margin increased by 38 basis points to 1.57 per cent.
The bank has also classified its expected credit loss (ECL) in its UK business as stage 2, saying that while there was “no increase in stress” among this customer group there was a higher risk of inflationary and interest rate pressures.
Its ECL charges in Q3 rose from £617m to £882m, which it said reflected heightened economic uncertainty, inflation, rising interest rates and developments in China’s commercial real estate market.
Noel Quinn, group chief executive of HSBC, said: “We maintained our strong momentum in the third quarter and delivered a good set of results. Our strategy produced good organic growth in all three global businesses, and net interest income increased on the back of rising interest rates.
“We retained a tight grip on costs, despite inflationary pressures, and remain on track to achieve our cost targets for 2022 and 2023. We are focused on executing our plans and delivering our returns target of at least 12 per cent from 2023 onwards and, as a result, higher distributions to our shareholders.”
Three-year transformation for HSBC
Of Stevenson’s departure, HSBC said it reached the end of a three-year transformation where it had become more efficient and competitive.
Stevenson said: “It has been an absolute privilege to be part of the senior team leading a fundamental turnaround of the operating performance of HSBC over recent years. I would like to warmly thank my colleagues and friends who have made my time at the bank so fulfilling. I have strong confidence in the future of HSBC, and wish Noel, Georges and the rest of the senior leadership team well as they continue to deliver the strategy of the bank.”
