HSBC CEO Shock Retirement, US Borrowing Soars & Risky SocGen Trades

Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) HSBC CEO Noel Quinn is unexpectedly stepping down after nearly 5 years in the job, triggering a search for a replacement at Europe's largest bank.

(2) The US Treasury ramped up its estimate for federal borrowing for the current quarter to $243 billion, more than most dealers had anticipated, in a move that largely reflected weaker cash receipts than officials had expected.

(3) A pair of traders in Hong Kong have left Societe Generale after the French bank discovered a batch of risky bets that went undetected by the firm's risk-management systems, according to people familiar with the matter.

(4) Surveying the fallout triggered by the resignation of Scotland's First Minister Humza Yousaf, one man appears set to be the biggest beneficiary: the leader of the UK's main opposition Labour Party, Keir Starmer.

(5) Elon Musk's net worth is soaring after it plunged to the lowest level in almost a year. In the past five days, the world's third-richest person has gained $37.3 billion in net worth, according to the Bloomberg Billionaires Index.

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