UK Banks Post Blockbuster Profits as Burnham's Tax Threat Looms

The UK's big four banks just posted £29.2bn in combined first-half profits, with HSBC alone raking in $10.1bn (£7.5bn) in Q2 — a 60% jump year-on-year that crushed internal forecasts. Revenue climbed 11% to $37.7bn as Georges Elhedery's restructuring machine hums along: headcount is down, cost-cutting targets have been raised to $2bn, and HSBC kicked off a fresh $1bn share buyback this week. Across the sector, £13.7bn has been pledged to shareholders through...