HSBC share price rallies as lender unveils share buyback programme
22:51, Aug 1, 2017
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HSBC said up to $1 billion in revenue could be at risk from Britain's exit from the European Union but it should be able to preserve the income by shifting associated jobs to Paris, Gulliver said. "The revenue we think is at risk from Brexit is about $1 billion, but we don't expect to lose it" because moving staff will protect those businesses affected.
The latest buyback means the London-based bank has pledged to repurchase $5.5 billion of shares in the past year, and executives said they're prepared to do more.
The bank is also about to see some big changes at the top with Gulliver set to leave in 2018 and chairman, Douglas Flint, stepping down in October.
"We're now looking at buybacks as a regular part of our toolkit", said chief executive Stuart Gulliver.
The bank also said it would add a further $2 billion to its existing share buyback program, taking it to $5.5 billion since the second half of 2016. The chief executive officer has spent most of his tenure shrinking and imposing central control over HSBC's vast global network, exiting nearly 100 businesses and 18 countries while enduring several costly misconduct scandals. Analysts said the results had outstripped predictions. "Good credit control and good cost control and a very strong capital position".
Since the 2008 financial crisis, HSBC has been cutting jobs and selling assets to make the group more profitable, while still making dividend payments to shareholders.
The estimate, one of the most detailed yet by a major bank, includes the costs of relocating up to 1,000 jobs to the French capital as well as associated legal fees, Gulliver said. At the 2015 strategy day, Mr. Gulliver laid out an aim to get revenue growth in its global network above GDP, and said he tracks the estimated figure every two weeks.
The ratio is set to increase further as the bank repatriates about $8 billion stuck at its US subsidiary, following approval past year from the US Federal Reserve, potentially enabling further buybacks.
The announcement takes the total of HSBC share buybacks since August 2016 to $5.5bn.
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