HSBC Announces $1 Billion Buyback After Q3 Pretax Profit Misses Estimates

HSBC Holdings Plc (HSBA.L) said it would repurchase $1 billion of shares after third-quarter pretax profit fell short of analyst estimates, marking its second consecutive quarterly buyback. The London-based lender reported pretax profit of $9.6 billion for the quarter, missing a company-compiled estimate of $9.7 billion, a shortfall largely driven by higher interest rates. The buyback follows the resumption of repurchases over the summer after a prior program was halted in the wake of its $14 billion takeover of Hang Seng Bank. CEO Georges Elhedery said clients "continue to turn to us to navigate uncertainty and seize new opportunities." Since his appointment in September 2024, HSBC has shuttered, sold or merged several business lines and cut thousands of jobs to refocus on core Asian markets. Shares have more than doubled since he took over and are up about 15% this year.