HSBC launches $3bn share buyback as profits beat forecasts

London-headquartered bank is poised to launch one of the biggest shake-ups in its 159-year history

HSBC has reported better-than-expected profits in the third quarter, allowing the bank to launch another multibillion-dollar stock buyback as it embarks on one of the biggest overhauls in the lender's 159-year history.

The London-headquartered bank said strong performance in its wealth division and wholesale banking arm helped push pre-tax profits up 10% to $8.5bn (6.6bn) in the three months to the end of September. HSBC had been expected to report a 1.3% drop in profits to $7.6bn, according to average analyst estimates.