Georges Elhedery

The restructuring, announced last week, will divide the bank’s operations into eastern and western markets. This move comes despite pressure from its largest shareholder, Ping An, to separate its eastern and western operations. Mr Elhedery insists this is not a precursor to any split and emphasised the bank’s global connectivity as a key strength.

The bank’s strong Q3 performance, driven by its wealth and wholesale banking divisions, has enabled a $3bn (c. £2.3bn) share buyback, following a previous buyback in July.

Mr Elhedery said: “We delivered another good quarter, which shows that our strategy is working. There was strong revenue growth and good performances in Wealth and Wholesale Transaction Banking.

“Our strong organic capital generation enables us to announce a further $4.8bn of distributions in respect of the third quarter, which bring the total distributions announced so far in 2024 to $18.4bn.

“I’m committed to building on this strong platform for growth. HSBC is a highly connected, global business and the plans we set out last week aim to increase our leadership and market share in areas where we have competitive advantage, deliver best-in-class products and service excellence to our customers, and create a simpler, more dynamic, more agile organisation with clearer lines of accountability and faster decision-making. We will begin to implement these plans immediately and will share further details as part of a business update alongside our full-year results in February.”