HSBC Holdings

HSBC reported third-quarter pretax profit of $9.63 billion, close to the $9.69 billion consensus, with revenue of $18.6 billion versus $18.93 billion expected. Net interest income rose 6% year‑on‑year to $9.3 billion and operating expenses fell 12%. The bank completed an about $1 billion share buyback and is reportedly considering job cuts in its U.K. wealth business amid a push to adopt AI. » More on cnbc.com

Polymarket has taken roughly $77,500 of positions on whether major banks, including HSBC and Lloyds, will fail by year-end, prompting concern over insider trading, market manipulation and potential to fuel bank runs. UK and EU regulators, including the FCA and ESMA, are discussing the risks of prediction markets that operate with limited identity verification and anonymous crypto-linked accounts. Polymarket defends its markets as democratised information sources, while academics and MPs urge intervention to curb moral hazards and protect market integrity. » More on theguardian.com

HSBC will phase out its transaction services business in Germany, eliminating more than 300 positions at HSBC Transaction Services GmbH and HSBC Service Company Germany GmbH by 2028. The move is part of a wider strategy to concentrate on businesses where HSBC sees stronger competitive advantages and follows last year’s sale of its German private banking arm. Management says the exit could improve efficiency and profitability, while risks include lost client relationships, near-term restructuring costs and potential weakening of its German corporate franchise amid broader European retrenchment. » More on finance.yahoo.com