HSBC reports $8.5 billion pre-tax profit in third quarter / Photo: ANTHONY WALLACE - AFP/File
-
Basil Tuma Scores First Senior Goal as Malta Draws with Ten-Man Eswatini
-
RSC’s ‘Julius Caesar’ Reimagined in Women’s Prison Setting for School Tour
-
Rock & Roll Hall of Fame Inductees Announced; Attendance List Shrinks
-
Thomson Reuters Integrates CUBE Regulatory Intelligence into CoCounsel Legal
-
How Families Plan and Save for Holiday Travel
-
Below Deck alumnus João Franco and brother arrested after fatal Turkey fight
-
Ole Miss inquiry expands after video and monkey-noise allegations
-
Thousands of Urban Homes Left Without High-Speed Internet Due to Broadband Blackspots
-
General Hospital actor Randall England dies at 75
-
Bunnie XO artwork taken down from Jelly Roll’s Nashville bar
-
London museum removes Russell Brand hair exhibit after rape conviction
-
Arlington sentinel rebukes Pete Hegseth entourage for laughter near memorial
-
Yella Beezy sentenced to life for arranging rapper Mo3’s murder
-
Kylie Jenner employee describes closet ordeal and pepper-spray incident
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
China's Singles' Day Exposes Persistent Consumer Caution
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
Energy Costs Push OECD Inflation Up to 4.5%
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
HSBC reports $8.5 billion pre-tax profit in third quarter
Banking giant HSBC said Tuesday that pre-tax profit in the third quarter rose 10 percent year-on-year, citing revenue growth in two of its divisions, days after the lender announced an organisational overhaul.
The rise in pre-tax profit to $8.5 billion reflected a strong performance in its wealth management division as well as higher revenues in global banking and markets, HSBC said in an earnings release.
The London-headquartered bank last week announced a major shakeup under new chief executive Georges Elhedery, who assumed his role in September.
"We delivered another good quarter, which shows that our strategy is working," Elhedery said in a statement Tuesday.
HSBC on Tuesday also upped total distribution this year to $18.4 billion, and announced a fresh round of share buybacks of "up to $3 billion" -- the latest in a series of moves to distribute capital to its investors.
The sale of its Argentina business, first revealed in April, is expected to be completed in the fourth quarter of this year, the bank added.
Last week, HSBC said it would simplify its structure and split into four distinct parts starting next year: Hong Kong, UK, "corporate and institutional banking" plus "international wealth and premier banking".
Elhedery said the changes -- which will also streamline its geographical set-up -- will let it "better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow".
The CEO said in an internal memo that "there will inevitably be a reduction in duplicated roles, particularly at senior levels" due to the restructuring, according to Bloomberg News.
Chief risk officer Pam Kaur would take over as chief financial officer from January 1 -- the first woman in the role in the bank's 160-year history.
HSBC generates most of its revenue in Asia and has spent several years pivoting to the region, vowing to develop its wealth business and target fast-growing markets.
The bank, which straddles East and West as Europe's biggest lender, has come under pressure as US-China tensions rachet up.
Major shareholder Ping An last year called on HSBC to spin off its Asia assets but the proposal was voted down.
O.Karlsson--AMWN