HSBC Reports 10% Rise in Quarterly Profits, Announces Strategic Overhaul
New CEO Georges Elhedery to Lead Major Reorganization Amid Geopolitical Tensions
HSBC, a UK-based banking giant, has announced a 10% increase in pre-tax profits for the third quarter, totaling $8.5 billion, exceeding analysts' forecasts.
The rise comes on the heels of a major reorganization plan introduced by HSBC's new chief executive, Georges Elhedery, aimed at geographically splitting operations into eastern and western markets to address geopolitical challenges and cost management.
Elhedery, who took over as CEO from Noel Quinn in early September, committed to implementing these changes immediately and will provide further details alongside the bank's full-year results in February.
Additionally, HSBC confirmed a $3 billion share buyback program, reflecting investor confidence as shares rose over 2% in Hong Kong.
The bank also plans to complete the sale of its Argentinian operations by year-end.
As part of the leadership reshuffle, Pam Kaur has been appointed as HSBC's first female finance chief.
Kaur, having served over a decade at HSBC, will also be an executive director pending election at the upcoming annual general meeting.
This strategic overhaul is crucial as HSBC aims to strengthen its position in core markets across Asia and the West.