HSBC CEO Indicates End of Bank Overhaul Despite Drop in Profits

HSBC, under the leadership of CEO Georges Elhedery, is nearing the completion of its restructuring plan for the renowned British bank. Although facing a 7% decline in pre-tax profit to $29.9bn in the past year – largely due to significant one-off costs totaling $4.9bn – Elhedery expressed optimism, emphasizing HSBC’s transformation into a simpler, more agile institution suited for the rapidly evolving global landscape. The bank raised its target for return on tangible equity to “17% or better” through 2028 with renewed strategic focus, aiming to outperform its 2025 figure of 13.3%. In response to the announcement, HSBC’s Hong Kong-listed…