Reported 2 days ago
HSBC has reported a rise in pre-tax profits to $32.3 billion for 2024 and announced a $2 billion share buyback, despite a dip in revenue. The bank is implementing a cost-cutting strategy aimed at saving $300 million in 2025 and $1.5 billion by 2026, following a restructure into four business divisions. CEO Georges Elhedery emphasized efforts to simplify banking operations and improve profitability, amid challenges like falling net interest income and rising operational costs.
Source: YAHOO