Reported 29 days ago
HSBC Holdings Plc revealed a $3 billion stock buyback after reporting a 9.9% increase in pretax profit to $8.48 billion, exceeding expectations. This move comes shortly after the bank disclosed a significant restructuring plan, including merging its global commercial and investment banking units, and focuses on becoming a premier wealth bank in Asia. CEO Georges Elhedery emphasized cost-control measures while signaling potential job cuts among senior roles as part of the ongoing restructuring efforts.
Source: YAHOO