HSBC announces $3 billion share buyback after second-quarter profit plunges 29%
On June 14, 2024, Mexico is an appearance of HSBC Bank’s logo on a wall outside a branch in Mexico.
Henry Romero | Reuters
According to the bank, the largest lending of Europe HSBC on Wednesday, often missed the expectations of the second quarter profit due to low value low value. The Bank also announced the purchase of $ 3 billion of stocks.
He reported that the pre -tax profit for three months, which ended in June, decreased by 29% compared to a year ago, $ 6.3 billion.
The second quarter 2025 results compared to HSBC’s consensus estimates Compiled by the bank.
- Pre -tax profit: 6.3 billion dollars and 6.99 billion dollars
- Revenues: 16.5 billion dollars and 16.67 billion dollars
The Bank said that the operating expenses increased by 10% compared to the same period of the previous year and that it owes to the increase in expenditure and investments made on technology as well as re -structuring and other relevant costs.
Georges Elhedery, CEO of the Bank, marked “structural challenges to the global economy” by referring to “wide -based tariffs” and “financial security deficits”.
“This creates more uncertainty the appearance of inflation and interest rates. Trade cuts reshape the economic landscape, even before the tariffs enter into force.” He said.
Bloomberg plans to terminate several employees in the stocks of HSBC in the German office of the HSBC.
The movement is compatible with Elhedery’s forcing the investment bank to renew. Last October, HSBC announced a restructuring plan to divide its operations into four parts and created separate “Eastern markets” and “Western markets” sectors. HSBC, the costs of the restructuring will reduce approximately $ 300 million this year, he said.
In January, the lent announced that this would happen Merger and buy And some of the stocks in Europe and America.
