HSBC Holdings' performance exceeded expectations, announcing a stock buyback plan and increasing its cost-saving targets.

HSBC Holdings released its financial report, with second-quarter results surpassing market expectations, and announced a new share buyback plan along with an increased cost-cutting target. HSBC stated it will repurchase up to $1 billion of shares. For the three-month period ending in June, its profit before tax was $10.1 billion, exceeding the previous estimate of $9.5 billion. The profit was mainly driven by $2.6 billion in "significant items" and growth in banking and wealth management revenue. "We are executing our strategic priorities with speed, precision, and discipline," said CEO Noel Quinn in a statement. "This has allowed our four key businesses to leverage their core strengths for growth, collaborate more effectively, and deepen customer relationships." Since taking on the role of CEO, Quinn has accelerated the restructuring of the largest bank in Europe by selling assets and streamlining operations. HSBC currently expects the restructuring plan to achieve cost savings of $2 billion, exceeding the previous target of $1.5 billion.