HSBC Holdings PLC’s new Chief Executive John Flint got off to a rocky start after costs spiked in the first quarter and a planned $2 billion share buyback fell short of analyst expectations. The bank’s shares fell 2.8% in London and analysts on a call peppered Mr. Flint with questions about the rise in costs. Operating costs in the first three months rose 13%, or 8% after one-off provisions, outpacing a 3% adjusted revenue rise. Net profit was $3.09 billion, slightly down from $3.13 billion in first-quarter 2017.

Source: Wall Street Journal May 04, 2018 05:54 UTC