Finance

HSBC’s Job-Slashing CEO Pivots to $14 Billion Hong Kong Bet

Georges ElhederyPhotographer: Paul Yeung/Bloomberg

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By Harry Wilson, Manuel Baigorri, Denise Wee, and Ambereen Choudhury

October 9, 2025 at 3:17 PM UTC

Updated on

October 10, 2025 at 3:49 AM UTC

After spending the past year shedding thousands of jobs and stripping out layers of management to rein in costs, HSBC Holdings Plc Chief Executive Officer Georges Elhedery is now looking for ways to grow revenue.

On Thursday, investors got their first taste of how exactly he’ll pull that off with a $14 billion buyout of its troubled Hong Kong subsidiary Hang Seng Bank Ltd.