HSBC beat earnings estimates on Tuesday. The London-based bank also announced a $1 billion share buyback and raised its cost-cutting target to $2 billion.
Earnings beat
HSBC reported earnings that topped analyst expectations. The strong performance comes as the bank continues to focus on profitability.
Share buyback
The $1 billion buyback is a capital return to shareholders. Buybacks reduce the number of shares outstanding, boosting earnings per share.
Cost-cutting target raised
HSBC raised its cost-saving goal to $2 billion. The bank has been working to reduce expenses across its operations.
The buyback is set to proceed. HSBC will provide updates on its cost-cutting progress in due course.
