HSBC reported third-quarter pretax profit of $9.63 billion, close to the $9.69 billion analysts expected, while revenue reached $18.6 billion versus $18.93 billion expected and $17.8 billion a year earlier. Pretax profit rose 32% in the quarter. Net interest income climbed 6% to $9.3 billion, while operating expenses fell 12%. The bank said in September it had completed a buyback of about $1 billion, repurchasing roughly 48.7 million shares in the U.K. and Hong Kong for cancellation. The results come as HSBC is reportedly considering significant job cuts in its U.K. wealth management business as part of a broader push to adopt AI.
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