HSBC reported third-quarter pretax profit of $9.63 billion, compared with analyst estimates of $9.69 billion. Revenue rose to $18.6 billion from $17.8 billion a year earlier, while pretax profit increased by 32%. Net interest income grew 6% to $9.3 billion and operating expenses fell by 12%. The bank also completed an approximately $1 billion share buyback, repurchasing about 48.7 million shares across the UK and Hong Kong for cancellation. HSBC is reportedly considering significant job cuts in its UK wealth management business as part of a broader push to adopt artificial intelligence.
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