HSBC earnings soar

PROFITS at HSBC have jumped after it managed to tighten its grip on costs, putting wind in the sails of its chief executive’s turnaround efforts.

Appointed in February, John Flint has outlined plans to spend as much as £13bn over the next three years on technology and hiring more staff in the business’s investment and private banking divisions. Investors had worried this would see costs escalate, but they were cheered as the bank reported a £4.6bn profit for the third quarter of the year, 28pc higher than the same time last year.

Flint said: ‘We are doing what we said we would – delivering growth from areas of strength, and investing in the business while keeping a strong grip on costs.’