HSBC 2Q Profit Before Tax Misses Estimates

HSBC reported a 45% decline in profit for the second quarter, missing analysts' forecasts. The bank announced a $2.5 billion share buyback and detailed a pretax profit of $3.61 billion, down from $6.6 billion a year earlier. HSBC is facing challenges such as a slowdown in China and Brexit-related volatility. The bank plans to cut costs by $5 billion and redeploy $150 billion in assets in Asia. Despite concerns, HSBC commits to maintaining its annual dividend but has removed the timetable for its return on equity target due to uncertainties.

What amount did HSBC announce for its share buyback plan?

What challenges has HSBC been dealing with according to the statement?

What measures has HSBC promised to cut costs?

What is the target for return on equity that HSBC had been aiming for?

What was the percentage decline in HSBC's profit for the second quarter?