HSBC profits jump as bank set for major shakeup

HSBC reported a 10% increase in pre-tax profits, reaching $8.5 billion for the quarter ending September, surpassing analysts' expectations.

This comes amid a major restructuring announced by new CEO Georges Elhedery, which involves splitting the company into eastern and western markets.

The bank plans to buy back $3 billion of its shares and has also appointed Pam Kaur as its first female finance chief. HSBC continues to focus on its Asian operations while preparing to sell its Argentinian business by year-end