Banking

When a group of senior HSBC executives from around the world met in Hong Kong last month, at least two big priorities for the next few years were discussed: reducing its dependence on higher interest rates to boost income, and cutting costs. In the background a more pressing question loomed — who would succeed Noel Quinn as chief executive after the shock announcement of his exit in April. Georges Elhedery had been widely seen as Quinn’s heir apparent since unexpectedly being made chief financial officer shortly after returning from a six-month sabbatical...

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The new Labour government has put a beefed-up audit regulator and new rules to avoid taxpayer-funded bank bailouts at the heart of its plans to bolster the UK’s economic stability. Measures outlined in the King’s Speech on Wednesday would give the Bank of England new powers to deploy funds stumped up by the banking sector to help cover the costs of resolving stricken smaller banks. The goal of the bank resolution (recapitalisation)...