HSBC Holdings plc (NYSE:HSBC) Q3 2024 Earnings Conference Call October 29, 2024 3:45 AM ET
Company Participants
Georges Elhedery - Group Chief Executive
Jon Bingham - Interim Group Chief Financial Officer
Conference Call Participants
Andrew Coombs - Citigroup
Aman Rakkar - Barclays
Kunpeng Ma - China Securities
Amit Goel - Mediobanca
Gurpreet Singh Sahi - Goldman Sachs
Jeremy Hugh - CICC
Katherine Lei - JPMorgan
Edward Firth - KBW
Operator
Welcome, ladies and gentlemen, to the Analyst and Investor Webinar on the 3Q 2024 Results for HSBC Holdings plc. For your information, this webinar is being recorded.
I will now hand over to Georges Elhedery, Group Chief Executive.
Georges Elhedery
Thank you, Luis. Hello, everyone. Thank you for joining today. I'm here with Jon Bingham, our Group Financial Controller, who is acting as Interim Group Chief Financial Officer.
We delivered another good quarter, which shows that our strategy is working, and we have a strong platform for growth. I am committed to building on that.
Before Jon takes you through the third quarter numbers, I'd like to make a few comments. We made several announcements last week. First, Pam Kaur will take over as Group Chief Financial Officer with effect from 1st of January. Pam is an exceptional leader who joined HSBC in 2013 as Group Head of Audit and is currently our Group Chief Risk and Compliance Officer.
With almost 40 years' experience in the financial sector, she brings a global perspective to the strategic challenges and opportunities we face today. I look forward to partnering with her for the next stage of the bank's growth and development. I would also like to thank Jon for his outstanding support during the interim period.
Second, we announced a reorganization to simplify and streamline the group. We are currently organized around three businesses in five regions. From the 1st of January, we will operate through four businesses: Hong Kong and the UK, serving personal banking and commercial banking customers in our two home markets; Corporate & Institutional Banking; and International Wealth and Premier Banking.
We will also streamline our geographic governance structures, reducing them from five regions to two, further enhancing our ability to serve our customers' needs throughout our global network. Our current group Executive Committee of 18 members will be replaced by a new group operating committee with 12 members.
The analysis we've done so far demonstrate that the reorganization will result in net cost savings with a relatively short payback period on any upfront costs. We will share these details with you at our full year results in February as part of a wider business update.