HSBC Surpasses Profit Forecasts with Strategic Overhaul and $3B Buyback

The banking giant reports a 10% rise in quarterly profits while launching a significant restructuring plan under new leadership.

HSBC's pre-tax profit for the third quarter reached $8.5 billion, exceeding analyst expectations of $7.6 billion.
The bank announced a $3 billion share buyback, marking the continuation of its capital distribution strategy.
New CEO Georges Elhedery has initiated a comprehensive reorganization, dividing operations into eastern and western markets to enhance efficiency.
HSBC's wealth and personal banking divisions showed strong performance, contributing to the overall revenue growth of 5%.
The bank plans to reduce senior roles as part of its restructuring efforts, with further details expected in the full-year results announcement in February.