HSBC missed second-quarter profit expectations, reporting $6.3 billion in pretax profit versus a $6.99 billion forecast, according to CNBC. The shortfall was due in part to impairment charges tied to a Chinese bank and lost income from exited businesses. Revenue reached $16.5 billion, slightly under estimates, while operating expenses rose 10% on restructuring and tech investments. Shares closed down 3.82% in Hong Kong following an announcement of a $3 billion share buyback program. The bank warned that return on tangible equity may fall outside its target range amid macro uncertainty, tariffs, and weakened lending demand. CEO Georges Elhedery highlighted inflation and interest rate risks but projected continued growth in wealth management.
