HSBC profit jumps as bank unveils major share buyback plan
British banking giant HSBC said on Tuesday it would buy back up to $1 billion (€0.86bn) of shares after reporting a sharp rise in first-half profit.
HSBC has reported a profit of £7.5bn for the second quarter of the year, a 60% increase from the same period last year. The bank's profits were boosted by fees from wealth management and insurance business, as well as higher interest rates.
Campaigners are calling for a windfall tax on UK banks, which they say could raise £19bn to help fund support for those struggling with bills, according to the Guardian Business.
HSBC's Chief Executive Officer Georges Elhedery spoke to Bloomberg about the bank's announcement of a fresh stock buyback following its earnings report.
Brief written by urgent.news from Guardian Business, Bloomberg — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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