HSBC climbs most since April on $2.5 billion share buyback plan
Pre-tax earnings at the bank fell by 45%
HSBC rose the most since April after it announced a $2.5 billion (€2.2 billion) share buyback for this year and said it plans more share repurchases while keeping its dividend at the current level for the foreseeable future.
Chief Executive Officer Stuart Gulliver is returning half the equity freed up from selling the bank’s Brazil unit, with the rest boosting the firm’s capital ratio to 12.8 per cent. That outweighed concerns about profitability, as pretax earnings...
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