HSBC announced a $3bn share buyback as the bank’s profits far exceeded analysts’ expectations, in its final set of earnings under chief executive Noel Quinn.
Reported pre-tax profits at the UK-based institution increased to $8.9bn, from $8.8bn a year earlier, beating analysts’ expectations of $7.8bn.
Quinn, who has led the bank for five years, will be replaced in September by Georges Elhedery, its chief financial officer. The bank said on Wednesday that its financial controller Jon Bingham would fill in as interim chief financial officer.
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