HSBC 2024 profit misses estimates as CEO looks to trim US$1.5 billion costs by 2026

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HSBC 2024 profit misses estimates as CEO looks to trim US$1.5 billion costs by 2026 - SCMP

Quick Summary:

Hong Kong’s biggest bank announces US$2 billion share buy-back programme and US$0.87 per share dividend for 2024.

CEO Georges Elhedery has put his stamp on the bank since taking over in September last year.“Since becoming CEO, I have focused on simplifying how we operate and injected energy and intent into the way we deliver our strategy,” CEO Georges Elhedery said in the filing.“We are creating a simple, more agile, focused bank built on our core strengths.

This was higher than market estimates of US$31.7 billion.