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HSBC's second-quarter profit before tax fell 29% year-on-year to $6.3 billion, missing analyst expectations of $6.99 billion. The shortfall stemmed from impairment charges and increased operating expenses, partly due to restructuring and tech investments. CEO Georges Elhedery cited global economic uncertainty, including tariffs and fiscal vulnerabilities, impacting lending demand. Despite this, HSBC announced a $3 billion share buyback and expects continued growth in its wealth management division, while scaling back investment banking outside Asia and the Middle East.

Prepared by Christopher Adams and reviewed by editorial team.