The buyback follows last week’s unveiling of HSBC’s biggest revamp in at least a decade that would see the merger of its global commercial and investment banking units. The move also included a wider geographical overhaul that would make Hong Kong and the UK standalone units and fold Asia Pacific and the Middle East into an Eastern regional division.
HSBC Holdings Plc announced a fresh multibillion-dollar stock buyback as it reported better-than-estimated earnings days after unveiling a major restructuring of its business.
Europe’s largest bank said Tuesday that it would repurchase up to US$3 billion ($3.97 billion) shares. Third-quarter pretax profit rose 9.9% from a year earlier to US$8.48 billion, beating estimates, according to a statement.
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