atans1

Finally HSBC pleasantly surprises

In Banks, Hong Kong on 01/08/2017 at 4:42 pm

Just before the CEO retires. As Guardian says:

HSBC’s tale also shows what can happen when a big international bank stops shooting itself in the foot and avoids scandal. The cleanup of HSBC – forced by past scandals, notably the £1.2bn fine in the US for money-laundering offences plus tax avoidance scams in Switzerland – is finally delivering for shareholders.

https://www.theguardian.com/business/nils-pratley-on-finance/2017/jul/31/hsbc-shows-what-happens-when-a-bank-stops-shooting-itself-in-the-foot

And from NYT Dealbook

HSBC plans to buy back up to $2 billion in shares after its performance proved better than expected in the second quarter.
The London-based bank has been overhauling its operations, shedding tens of thousands of jobs, selling underperforming businesses and shrinking its global investment banking business. And as its prospects have improved, it has announced $5.5 billion in share repurchases since the second half of last year.
Profit was up to $3.9 billion in the second quarter, from $2.5 billion the year before.
The bank is also headed toward a change of leadership. Mark Tucker, the chief executive of AIA, will replace Douglas Flint as chairman in October. Mr. Tucker will have to find a chief executive to replace Stuart Gulliver, the chief executive, who plans to retire.
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