HSBC Shares Surge to Record on Profit Beat, Raised Targets.

The article focuses on HSBC Holdings Plc's strong financial performance and strategic overhaul under Chief Executive Officer Georges Elhedery. The bank reported a pretax profit of $29.9 billion for the year, surpassing analyst estimates, largely driven by its wealth business and core operations in Hong Kong. HSBC anticipates achieving a $1.5 billion cost-savings target ahead of schedule and has raised its return on tangible equity targets. Elhedery's restructuring efforts, which include job cuts and a focus on Asian markets, have resulted in a significant increase in the bank's market value, with shares more than doubling since he took over in 2024. The bank is also undergoing a cultural transformation to enhance performance and competitiveness. [Extracted from the article]