HSBC Holdings' third-quarter profit slightly below estimates; announces share buyback of up to $1 billion

HSBC Holdings' third-quarter earnings slightly missed estimates, and it announced a share buyback of up to $1 billion. HSBC announced a share buyback for the second consecutive quarter. Previously, HSBC suspended its earlier share buyback plan due to the $14 billion acquisition of Hang Seng Bank. HSBC's third-quarter pre-tax profit was $9.6 billion, slightly below the $9.7 billion estimate, mainly due to rising interest rates. HSBC Group Chief Executive Georges Elhedery said in a statement: "Our performance shows that in a more complex world, customers continue to rely on us to navigate uncertainty and seize new opportunities." Since Elhedery became Chief Executive in September 2024, HSBC has undergone significant business restructuring over the past two years. Under his leadership, HSBC has closed, sold, or merged multiple businesses and cut thousands of jobs to refocus on its core Asian markets. Investors have reacted positively to Elhedery's restructuring measures. Since he took over at HSBC, the company's share price has more than doubled, with gains of about 15% so far this year.