HSBC profits jump as bank set for major shakeup

HSBC has seen its quarterly profits jump by 10% as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history.

The firm said its pre-tax profits rose to $8.5bn (£6.6bn) in the three months to the end of September, beating analysts' expectations.

It comes just days after HSBC's new boss announced a major overhaul of the company.

The firm will be split geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.

“We will begin to implement these plans immediately and will share further details as part of a business update alongside our full-year results in February,” said Georges Elhedery, HSBC's new chief executive, in a statement.

The bank also said it will buy back another $3bn of its own shares, on top of a $6bn buyback plan unveiled earlier this year.

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