HSBC profits jump as bank set for major shakeup

Reuters

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.

This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.

You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on Twitter to get the latest alerts.