HSBC Holdings has announced a plan to repurchase up to $3 billion worth of its shares following strong earnings results. The bank, which is the largest in Europe, reported a 9.9% year-over-year increase in pre-tax profit for the third quarter, reaching $8.48 billion, surpassing expectations.
Recently, HSBC revealed its most significant restructuring plan in at least a decade. This plan includes merging its global commercial and investment banking divisions and implementing a broader regional reorganization. Notably, Hong Kong and the UK will become independent units, while the Asia-Pacific and Middle East regions will be grouped into an eastern division.
Georges Elhedery, who took over as CEO of the British bank, expressed confidence in the strategy, noting that they delivered an excellent quarter with robust revenue growth. He highlighted the strong performance of both the wealth management and wholesale banking sectors.
