HSBC return to buybacks underwhelms despite improving earnings momentum Proactive uses images sourced from ShutterstockHSBC Holdings PLC's (LSE:HSBA, NYSE:HSBC) return to share buybacks was deemed a bit on the small side, despite the Asia-focused lender's stronger-than-expected quarter and improving business momentum. The FTSE 100's largest company announced a $1 billion buyback alongside a 60% rise in second-quarter pre-tax profit to $10.1 billion. It was the first buyback since HSBC paused repurchases to fund its acquisition of the remaining shares in Hang Seng Bank in October. HSBC also raised expected savings from its restructuring to $2 billion from $1.5 billion. UBS retained its 'neutral' rating and 1,520p target, noting that HSBC is already valued at 2.2 times tangible book value.