HSBC has reported a 10% increase in its quarterly profits as the UK based banking major gets ready for one of the largest overhauls in its history.
The firm added that its pre-tax profits increased to $8.5bn (£6.6bn) in the three months to end of September and this is way above the expectation of the analysts.
It arrives only days after HSBC’s new chief unveiled a sweeping restructuring plan for the organisation.
The firm will be divided by regions; eastern and western due to rising political tensions and in effort to reduce expenses.
‘We will start to execute these plans right away and will provide more details as part of a business update together with our annual results in February,’ said Georges Elhedery, HSBC’s newly appointed chief executive.
The bank also announced a new $3bn share repurchase programme in addition to a $6bn programme announced in the first half of this year.
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