Hong Kong Reuters —
HSBC posted annual profit on Wednesday that beat estimates, helped by increased revenue in wealth and markets businesses, and set stiff cost-cut targets as its new CEO implements a revamp of the Asia-focused bank to boost returns.
The lender also announced a new $2 billion share buyback which it plans to complete before next earnings.
The figures come against the backdrop of CEO Georges Elhedery embarking on costly restructuring just as the business outlook is muddied by divergence in central bank interest rate policies, with the euro zone having room to
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