HSBC Announces US$3 Billion Buy-Back Amid Strong Third-Quarter Results

Tuesday, 29 October 2024, 04:35

Buy-back initiatives and dividend strategies are taking center stage as HSBC announces a US$3 billion stock buy-back. The third-quarter results not only beat expectations but also showcase the growth in its wealth and premier banking divisions. With a net profit rise of 9% and major restructuring in the works, HSBC is set for a transformative phase under new CEO Georges Elhedery.
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HSBC Announces US$3 Billion Buy-Back Amid Strong Third-Quarter Results

HSBC's Strategic Move: Buy-Back and Dividend Focus

HSBC has revealed a substantial US$3 billion stock buy-back following robust third-quarter financial results that surpassed market forecasts. The bank's net profit surged by 9% to US$6.13 billion, driven primarily by growth in wealth and personal banking sectors. Georges Elhedery, who recently assumed the CEO role, emphasized that the bank's strategy is yielding positive outcomes, claiming, 'We delivered another good quarter, which shows that our strategy is working.'

Restructuring for Future Growth

In an effort to enhance operational efficiency, HSBC is executing a significant restructuring schedule effective January 1, establishing four core business lines: Hong Kong, UK, Corporate and Institutional Banking, and Wealth and Premier Banking. This restructuring follows the succession of Noel Quinn and aims to bolster HSBC's presence in targeted markets.

Executive Changes and Corporate Insights

  • Pam Kaur has been appointed as the first female CFO.
  • Three executives, including Colin Bell and Stephen Moss, will depart post-December 31.

The bank's recent announcements reflect its commitment to adaptability and strategic growth amid a competitive landscape.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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