HSBC Holdings plc - ADR

**Strong Q3 Financial Performance**: HSBC reported a profit before tax of $8.5 billion for Q3 2024, an 11% increase year-on-year. Revenue reached $17 billion, up by $1.1 billion from last year's Q3, indicating good momentum within the business. The annualized return on tangible equity (ROTE) for the first nine months stood at 19.3%.

**Positive Wealth Management Growth**: The bank's Wealth division achieved a 32% year-on-year revenue growth in Q3, continuing a trend of double-digit growth over three consecutive quarters. This growth is underpinned by substantial inflows of new customers, particularly from Asia, and a favorable operating environment boosted by recent policy measures in China.

**Reorganization Plans**: HSBC announced a major restructuring to simplify its operations, transitioning from three businesses in five regions to four businesses in two regions. This reorganization aims to increase agility and cost efficiency, projecting significant net cost savings and a relatively short payback period. Details on upfront costs and benefits are expected in February.