HSBC Holdings released financial reports, surpassed market expectations for the second quarter, and announced new share repurchase plans and increased cost reduction targets. HSBC said it would buy back up to 1 billion US dollars of shares from shareholders. For the three-month period ending June, its profit before tax was US$10.1 billion, higher than the previous estimate of US$9.5 billion. Earnings were mainly due to the $2.6 billion increase in “critical accounts” and banking and wealth management revenue. “We implement the company's strategic priorities in terms of speed, accuracy, and discipline,” CEO Ai Qiaozhi said in a statement. “This allows our four businesses to leverage their core strengths to achieve growth, collaborate more effectively, and deepen customer relationships.” Since becoming CEO, Ai Qiaozhi has accelerated the restructuring of Europe's largest bank by selling assets and streamlining operations. HSBC currently anticipates that the restructuring plan will achieve cost savings of 2 billion US dollars, which is higher than the previous target of 1.5 billion US dollars.

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