Why HSBC's (HSBC) Shares Are Falling Premarket - HSBC Holdings (NYSE:HSBC)

HSBC Holdings plc HSBC named Georges Elhedery as its new chief financial officer, effective January 1, 2023.
Greg Guyett is appointed Chief Executive of Global Banking and Markets, effective immediately.
Ewen Stevenson will be stepping down as Group CFO and Executive Director on December 31, 2022, and will leave HSBC in April 2023.
CEO Noel Quinn, told Reuters that while departing CFO Ewen Stevenson had done a good restructuring job over the last three years, the London-headquartered bank's move was made with succession in mind, effectively putting Elhedery at the front of the queue.
"There is no change in strategy as a consequence of these leadership changes," said Quinn. "This is about how the group executive committee is positioned with potential succession options for the future," he told Reuters.
The bank reported Q3 profit after tax of $2.56 billion, down from $4.24 billion a year ago, and profit before tax fell to $3.1 billion from $5.4 billion.
The results included an impairment of $2.4 billion following the reclassification of retail banking operations in France to held for sale, net charge for expected credit losses, and other credit impairment charges.
Price Action: HSBC shares are down 6.35% at $25.23 during the premarket session on the last check Tuesday.
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Impairment Charges Weigh On HSBC's Q3 Earnings, Names Georges Elhedery Finance Chief