HSBC's Pre-Tax Profits Jump 60% in Q2, Announces New Share Buyback

HSBC, Europe's largest lender, reported a 60% surge in pre-tax profits to $10.1 billion in the second quarter, exceeding analyst expectations. The bank also announced a new share buyback program worth up to $1 billion and raised its target for annualized cost savings from restructuring to $2 billion by the end of the year. This strong performance was boosted by its wealth management and insurance business, particularly in Hong Kong.