HSBC’s Profit Misses Estimates as Lender Extends Stock Buyback

HSBC Holdings Plc’s fourth-quarter profit missed estimates amid lower revenue, as the lender extended a stock buyback that has driven its London shares to a three-year high. Adjusted pretax profit, which excludes one-time items, jumped 39 percent to $2.62 billion, Europe’s largest bank said in a statement on Tuesday.