HSBC Reports Lower Quarterly Profit, Announces $3 Billion Share Buyback - WSJ
1. HSBC plans $3 billion share buyback despite net profit falling 32%. 2. First-quarter net interest income decreased to $8.30 billion from $8.65 billion. 3. CEO Elhedery emphasizes focus on retail banking in the UK. 4. HSBC aims to cut costs by $1.5 billion by 2026. 5. The bank is consolidating operations and streamlining management.