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FACEBOOK INC

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Facebook : Libra cryptocurrency taps ex-HSBC exec as CFO of payments unit

10/15/2020 | 10:31am EDT
FILE PHOTO: Small toy figures are seen on representations of the virtual currency before the displayed European Union flag and the Facebook Libra logo in this illustration picture

LONDON (Reuters) - Another former HSBC executive is heading to the Facebook-backed Libra cryptocurrency project, joining as chief financial officer of a unit tasked with managing the planned digital currency's payments system.

The Geneva-based Libra Association, which plans to issue and govern the Libra cryptocurrency, said in a statement it has appointed Ian Jenkins as CFO and chief risk officer of Libra Networks.

Jenkins is HSBC's former business finance head and group general manager, the association said. He has also previously worked at Credit Suisse and Santander.

Financial leaders of the world's seven biggest economies said on Tuesday that no stablecoin - a type of cryptocurrency, such as Libra, that is often backed by traditional assets - should begin operation until it was properly regulated.

The Libra project, unveiled by Facebook last year, was relaunched in slimmed-down form in April after regulators and central banks across the world raised concerns it could upset financial stability and erode mainstream power over money.

Libra is now seeking to issue a series of stablecoins backed by individual traditional currencies. It has hired a number of senior executives since applying for a Swiss payments license in April, many of them are specialised in financial compliance and with ties to U.S. government and authorities.

In September the project appointed former HSBC European head James Emmett to lead Libra Networks. It also tapped HSBC's former chief legal officer Stuart Levey - formerly a U.S. Treasury official during the Bush and Obama administrations - to head the association itself.

(Reporting by Tom Wilson; Editing by Dhara Ranasinghe and Frances Kerry)

By Tom Wilson


© Reuters 2020
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Financials (USD)
Sales 2021 116 B - -
Net income 2021 37 752 M - -
Net cash 2021 83 997 M - -
P/E ratio 2021 28,4x
Yield 2021 -
Capitalization 1 049 B 1 049 B -
EV / Sales 2021 8,33x
EV / Sales 2022 6,81x
Nbr of Employees 60 654
Free-Float 83,9%
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Number of Analysts 53
Last Close Price 369,79 $
Average target price 388,34 $
Spread / Average Target 5,02%
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Managers and Directors
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
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