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HSBC's H1 profit up by 5%; announces share buyback

Jul 31, 2017, 7:33 AM EDT
(Source: Sudipta Mallick/flickr)
(Source: Sudipta Mallick/flickr)

After a dismal performance last year, Europe’s biggest bank HSBC has made an “excellent” recovery, posting a 5% rise in profits for the first half of 2017. The bank has announced a share buyback of up to $2bn as it plans to separate its retail and investment banking operations in the U.K. by 2019.

Although the bank defied modest expectations the consequences of the 2008 financial crisis are far from over with scores of pending litigations from investors along with several investigations from the U.S. and U.K. authorities weighing on the bank, notes the BBC.

The bank has carried out extensive restructuring over the past two years, including selling off assets and laying off thousands of employees, writes The Telegraph.

TAGS: HSBC
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