00:00It's Benzinga, bringing Wall Street to Main Street.
00:02HSBC missed second quarter profit expectations,
00:05reporting $6.3 billion in pre-tax profit
00:07versus a $6.99 billion forecast, according to CNBC.
00:12Shortfall was due in part to impairment charges tied to a Chinese bank
00:15and lost income from exited businesses.
00:18Revenue reached $16.5 billion, slightly underestimated,
00:21while operating expenses rose 10% on restructuring and tech investments.
00:25Shares closed down 3.82% at Hong Kong,
00:27following an announcement of a $3 billion share buyback program.
00:31Bank warned that return on tangible equity may fall outside its target range
00:34amid macro uncertainty, tariffs, and weakened lending demand.
00:39CEO George's Eldahari highlighted inflation and interest rate risks
00:42but projected continued growth in wealth management.
00:45For all things money, visit Benzinga.com.
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