Europe’s largest bank HSBC has had a strong few quarters as rising interest rates have boosted its income—and that of its shareholders, who stand to benefit from hefty share buybacks—but Wall Street still isn't totally convinced.
The same carried on for HSBC’s third quarter, as it reported a pre-tax profit of $7.7 billion—double what it made the same time last year—thanks to elevated interest rates globally. The bank also announced a new share buyback worth $3 billion, an optimistic sign for investors.
