HSBC announces fresh $3b buyback, profit misses target on rising costs

HSBC announces fresh $3b buyback, profit misses target on rising costs

FILE PHOTO: A pedestrian wearing a face mask following the coronavirus disease (COVID-19) outbreak, walks past a HSBC bank branch in Hong Kong, China February 22, 2022. REUTERS/Lam Yik/ File Photo

HSBC on Monday reported a fresh $3 billion share buyback and a more than doubling of third-quarter profit that nonetheless missed forecasts as spending on technology and operations grew and inflation pushed wage expectations higher.