HSBC Reports 10% Jump in 3rd Quarter Profits

The BBC is reporting that HSBC has seen its quarterly profits jump by 10 per cent as the UK-based banking giant embarks on one of the biggest shakeups in its 159-year history.

The firm said its pre-tax profits rose to US $8.5 billion in the three months to the end of September, beating analysts’ expectations.

It comes just days after HSBC’s new boss announced a major overhaul of the company.

The firm will be divided geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.