HONG KONG, Oct 27 — Banking giant HSBC said Tuesday that net profit in the third quarter rose less than expected, as it carries out sweeping job cuts and an AI expansion.
Profit attributable to shareholders rose 45.5 per cent year-on-year to US$7 billion (RM28.6 billion) from July to September, the bank said in a filing to the Hong Kong stock exchange.
That figure was up from US$4.87 billion a year earlier, but fell short of the US$7.3 billion market estimate.
HSBC has been carrying out job cuts and a global restructuring since CEO Georges Elhedery took the helm two years ago, turning the London-headquartered bank’s focus to core Asian markets.
