HSBC beats expectations in third-quarter earnings; announces additional $3 billion share buyback

Core Insights - HSBC reported third-quarter earnings that exceeded analysts' expectations, driven by strong revenue growth and a restructuring plan to split into four divisions [1][2][3] Financial Performance - Pre-tax profit reached $8.50 billion, surpassing the expected $8.05 billion, marking a 10% increase from $7.71 billion a year ago [1] - Quarterly revenue grew by 5% to $17 billion from $16.2 billion reported last year [2] - After-tax profit increased by $500 million to $6.7 billion compared to the previous year [2] Shareholder Returns - The company announced a $3 billion share buyback, bringing the total for the year to $9 billion [2] - A third interim dividend of $0.1 per share was approved by the board [2] Restructuring Plans - HSBC plans to restructure into four business units: Hong Kong, U.K., international wealth and premier banking, and corporate and institutional banking [3] - The restructuring aims to streamline operations and reduce duplication in processes and decision-making [4] - The new organizational structure will take effect in January, aiming for a simpler and more agile organization [4]