HSBC Plans $3 Billion Buyback, CEO Touts Capital Strength
- Operating expenses rise on high tech and compensation costs
- Lender also plans to increase compensation for some staff
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HSBC Holdings Plc announced a fresh buyback program and hinted at the potential for further returns to investors despite announcing profits for the third-quarter that missed market expectations.
The London-headquartered bank said that it would shortly begin buying back an additional $3 billion of its shares, taking total stock repurchases for the year to $7 billion. HSBC Chief Executive Officer Noel Quinn signaled there may be more to come.