HSBC has unveiled its largest bonus pool in 14 years after annual profits came in ahead of City expectations, handing bankers a $3.9bn windfall as the group accelerates its strategic overhaul.

The FTSE 100 lender increased total variable pay by 10 per cent year-on-year, taking the 2025 bonus pot to its highest level since $4.2bn was distributed in 2011. The uplift comes despite a 7.4 per cent fall in annual pre-tax profits to $29.9bn, a figure that nevertheless beat analyst forecasts of $28.9bn.

Profits were weighed down by $4.9bn in one-off charges, including $1.4bn in legal provisions and a $2.1bn impairment linked to its stake in China’s Bank of Communications.

Chief executive Georges Elhedery said the bank was benefiting from “strong momentum” and defended the bonus rise as part of a drive to embed a “high performance culture”.

“It’s a culture where talent and performance are better rewarded,” he said.

Elhedery himself received a £14.4m pay package for the year, up from £13.2m previously.

Since taking the helm, Elhedery has embarked on a sweeping restructuring designed to simplify the bank and cut costs. HSBC now expects to achieve $1.5bn in savings by the end of June, six months earlier than originally planned.

Headcount fell to 208,720 at the end of last year from 211,304 the previous year, reflecting thousands of job reductions across the group.

The bank is also deepening its focus on Asia, where it generates the bulk of its profits. It recently completed a $13.6bn transaction to take full control of its Hong Kong-focused subsidiary, Hang Seng Bank.

HSBC said it expects to generate $900m in benefits from Hang Seng by 2028, including $500m in synergies. Elhedery said any duplication arising from the takeover would be managed through redeployment rather than widespread redundancies.

Alongside the bonus announcement, HSBC confirmed it would return $7.71bn to shareholders through a 45-cent-a-share dividend. Shares rose 5 per cent in early London trading following the results.

The combination of stronger-than-expected earnings, accelerated cost savings and a renewed focus on its core Asian markets appears to have reassured investors, even as the bank navigates geopolitical tensions and ongoing restructuring costs.

For staff, the enlarged bonus pool signals a return to more generous payouts, and underlines Elhedery’s determination to reward performance as HSBC seeks to sharpen its competitive edge.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

Johnnie Walker parent announces dividend cut to 20 cents as new chief executive implements cost-cutting regime amid falling sales and share price drop

Guinness producer Diageo has reduced its dividend as the cost-cutting approach of new chief executive ‘drastic’ Dave Lewis starts to bite, triggering a share price tumble.

The board revealed the “difficult” decision to trim its dividend to 20 cents to “accelerate the strengthening” of its balance sheet in its half-year results, the first financial update since Sir Dave Lewis assumed control.

Diageo’s share price dropped by as much as 6.5 per cent in Wednesday’s early trading, although the stock is still up nine per cent this year.

The FTSE 100 heavyweight, which also owns spirit labels Smirnoff, Johnnie Walker and Captain Morgan’s, has endured squeezed margins in recent years as consumers shift towards low-alcohol alternatives and budget brands.

The dividend reduction arrives as Diageo fell short of analyst forecasts, recording a four per cent decline in sales – steeper than the three per cent which was anticipated – in the six months to December 2025, as reported by City AM.

The group posted net sales of $10.5bn and an operating profit of $3.1bn, down 1.2 per cent.

The board attributed this declining profit to challenging market conditions and the impact of tariffs.

The Guinness-maker’s stock has fallen over 15 per cent in the past 12 months and suffered a sharp decline in November after operating profit growth for 2026 was downgraded to low to mid single digits.

Diageo had previously experienced a decline in sales across Latin America and the Caribbean, as financially stretched consumers opted to drink less and trade down to cheaper brands.

In November 2023, the company was compelled to issue a trading update outlining its weaker-than-anticipated performance in the region, which accounted for nearly 11 per cent of its net sales value.

However, Wednesday’s results pointed to a recovery in the region, with sluggish sales in North America and China instead weighing on overall growth.

The spirits giant recorded a 7.4 per cent decline in net sales in North America, which represents 36 per cent of its total sales, alongside a 13 per cent fall in Asia Pacific, which makes up 18 per cent of its market.

Sales, however, grew in Europe (up 4.9 per cent) and Latin America and the Caribbean (6.3 per cent).

“We believe this was largely due to further macroeconomic and geopolitical uncertainty, and weak consumer confidence in key markets,” the report stated.

Diageo had previously cautioned that it faced a $200m annual hit from the impact of Trump’s tariffs on US imports from the UK and Europe, and on Wednesday confirmed this headwind was set to persist.

Although the firm’s share price edged higher following the Supreme Court’s ruling that the President’s tariffs were unlawful, the report noted it was premature to revise its forecasts. The board stated: “We note the recent ruling on tariff policy by the United States Supreme Court and the subsequent statements by the US Administration, and also the potential for tariff increases in the future. We will continue to monitor developments.”

Lewis acknowledged there are “significant opportunities” for the beleaguered spirits-maker to turn around its fortunes.

He stated: “To deliver on these opportunities, we need to create more financial flexibility. Accordingly, the Board has taken the difficult decision to reduce the dividend to a more appropriate level which will accelerate the strengthening of our balance sheet. “.

“We are confident that this is the right action which will ensure that Diageo can reinforce its position as the leading international spirits business and drive stronger shareholder value over the coming years.”

Diageo employs more than 4,500 people across 64 UK sites, including 29 distilleries in Scotland and a packaging plant in Runcorn.

Dan Lane, lead analyst at Robinhood UK, said: “Reducing the dividend never looks good but Dave Lewis was brought in to make the hard decisions and if it steadies the ship it may be worth the short-term pain.

“Until volumes and prices start to motor again, this looks more like Diageo trying to regain its footing rather than the start of a new growth leg. Expect to see a few more reviews of business units – cost control is key and underperforming brands may well get the chop.”

Lewis earned the moniker ‘Drastic Dave’ following his reputation for ruthless cost-cutting and restructuring whilst at Unilever, before spearheading an extensive transformation at Tesco, where he served as chief executive between 2014 and 2020.

Drastic Dave assumed control in January, replacing Debra Crew, who unexpectedly resigned with immediate effect in July after merely two years at the helm.

Wednesday morning’s six per cent share price decline left the Guinness producer’s stock down 19.8 per cent year-on-year.

Adam Vettese, market analyst at eToro, said: “New CEO Dave Lewis faces a baptism of fire, prioritising debt reduction over pay-outs, eroding Diageo’s dividend allure.

“Some investors may be tempted seeing that the shares look cheap versus history, especially if US rebounds, but repeated downgrades signal execution risks in a tough macro environment.”

Up to US$600 million of shares to be repurchased pursuant to amended normal course issuer bid

US$605 million return of capital and share consolidation expected to be completed in May

TORONTO, Feb. 25, 2026 /PRNewswire/ — Thomson Reuters (TSX/Nasdaq: TRI) today announced that it plans to repurchase up to US$600 million of its common shares under an amended normal course issuer bid (NCIB) that has been approved by the Toronto Stock Exchange (TSX) and that it plans to return US$605 million to shareholders through a return of capital transaction.

Amended Normal Course Issuer Bid

Shares will be repurchased for the new US$600 million repurchase program under an amended NCIB. The amended NCIB, which has been accepted by the TSX, will become effective on February 27, 2026. The amended NCIB will increase the maximum number of common shares that may be repurchased by an additional 6 million. Under the amended NCIB, up to 16 million common shares (representing approximately 3.55% of the company’s 450,687,724 issued and outstanding shares as of August 12, 2025) may be repurchased between August 19, 2025 (the Effective Date) and August 18, 2026. The NCIB, as originally approved in August 2025, contemplated the repurchase of up to 10 million common shares. To date under the current NCIB, Thomson Reuters has repurchased 6,022,437 common shares for a total cost of approximately US$1.0 billion, representing an average price of US$166.05 per share.

Under the amended NCIB, shares may be repurchased on the TSX, the Nasdaq Global Select Market (Nasdaq) and/or other exchanges and alternative trading systems or by such other means as may be permitted by the TSX and/or the Nasdaq or under applicable law. Based on the average daily trading volume on the TSX of 364,105 for the six months preceding the Effective Date (net of repurchases made by TR during that time period), daily purchases are limited to 91,026 common shares, other than block purchase exceptions. Any shares that are repurchased will be cancelled.

Prior to its next regularly scheduled quarterly blackout period, Thomson Reuters intends to enter into an automatic share purchase plan (ASPP) with its broker to allow for the purchase of shares under the NCIB during pre-determined times when the company would ordinarily not be permitted to purchase shares due to customary blackout periods or other regulatory restrictions. Purchases under the ASPP are made by the company’s broker based upon parameters set by Thomson Reuters when it is not in possession of material non-public information relating to the company or the shares. The ASPP will be entered into in accordance with the requirements of the TSX and applicable Canadian and U.S. securities laws, including Rule 10b5- 1 under the U.S. Exchange Act of 1934, and will terminate when the NCIB expires, unless terminated earlier in accordance with its terms. All purchases made under the ASPP are included in computing the number of shares purchased under the NCIB. Outside of pre-determined blackout periods, shares may be purchased under the NCIB based on management’s discretion, in compliance with TSX rules and applicable securities laws.

Decisions regarding any future share repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Thomson Reuters may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws.

Return of Capital

Thomson Reuters will return gross proceeds derived from the May 2024 sales of London Stock Exchange Group shares through a return of capital consisting of a special cash distribution of US$605 million in the aggregate, or approximately US$1.36 in cash per participating share (estimated based on the number of common shares issued and outstanding as of February 24, 2026 and assuming no shareholders opt-out of the return of capital transaction), followed by a share consolidation, or “reverse stock split”, which will reduce the number of common shares on a basis that is proportional to the special cash distribution. To that end, the share consolidation ratio will be based on the volume weighed average trading price of the common shares on the Nasdaq Stock Market LLC for the five trading days immediately prior to the transactions becoming effective.

The proposed return of capital is intended to distribute cash on a basis that is generally expected to be tax-free for Canadian tax purposes. Taxable non-Canadian resident shareholders (which include taxable U.S. resident shareholders and others) will be able to opt out of the return of capital. This right to opt out is being provided to those shareholders because in jurisdictions other than Canada the tax consequences of not participating in the return of capital may be preferable to those associated with participating in the return of capital. A taxable non-Canadian resident shareholder that chooses to opt out will not receive the special cash distribution and will continue to hold the same number of Thomson Reuters shares that they currently hold. Taxable non-Canadian resident shareholders are strongly urged to read the management proxy circular and other related materials carefully and to consult with their financial, tax and legal advisors prior to making any decision with respect to the return of capital and share consolidation transactions.

Shareholders will be asked to approve the proposed return of capital and share consolidation transactions at a special meeting of shareholders of Thomson Reuters to be held on Tuesday, April 28, 2026 at 12:00 p.m. (Toronto time). The proposed transactions require approval by at least two-thirds of the votes cast at the shareholder meeting. The board of directors of the company is unanimously recommending that shareholders vote in favor. Woodbridge has indicated that it plans to do so and, accordingly, it is expected that the shareholder vote will pass. The proposed transactions also require the approval of the Ontario Superior Court of Justice (Commercial List). If shareholder and court approval are obtained, Thomson Reuters expects to effect the proposed transactions in early May.

Full details of the proposed return of capital and share consolidation transactions will be described in the company’s management proxy circular and other related materials. Those documents are expected to be mailed or otherwise distributed to shareholders, filed with applicable Canadian securities regulatory authorities and made available without charge on SEDAR+ at www.sedarplus.ca and made available without charge on EDGAR at www.sec.gov, and posted on the company’s website at tr.com, in mid-March.

Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this news release are forward-looking statements within the meaning of Canadian and U.S. securities laws, including statements relating to the company’s plans to repurchase up to US$600 million of its common shares; the timing for the approval and implementation of the return of capital and share consolidation transactions, and the filing of materials related thereto; and the anticipated tax treatment for shareholders participating in the return of capital and share consolidation transactions and those opting out of the return of capital. These forward-looking statements are based on certain assumptions and reflect our company’s current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including other factors discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that the return of capital and share consolidation transactions will be completed or that other events described in any forward-looking statement will materialize. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

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The chief executive of the FTSE 250 rail ticketing app said he would be leaving after more than six years in the job

Trainline boss Jody Ford confirmed he is stepping down from the UK’s best-known rail ticketing service.

Ford, who has led the FTSE 250 firm for over six years, confirmed he would remain in his role until a suitable replacement had been found.

The announcement sent Trainline’s share price down with the stock tumbling more than six per cent to 190p in early Wednesday trading.

Having taken the reins just prior to the pandemic, Ford steered Trainline through a particularly volatile period. During his tenure, net ticket sales across the UK and International consumer divisions doubled, profits more than doubled, and the company expanded into new markets across France, Spain and Italy.

Nevertheless, the stock has shed more than a third of its value over the past year, as the company battled increasing competition from rivals and investors weighed up the implications of the UK Government’s rail nationalisation ambitions, as reported by City AM.

“This would be the right time to handover to new leadership,” Ford said. “I will work closely with the board and my outstanding team over the coming months to ensure a smooth transition.”

In its most recent financial results, Trainline reported an 8 per cent rise in net ticket sales, with revenue climbing two per cent to £235m for the six months to end August 2025.

The firm cautioned last year that it faced the prospect of competing against a new government super-app. The London-headquartered firm highlighted a clarification issued by the government within its rail industry consultation, in which it outlined plans to consolidate the ticketing apps of all individual UK train operators into one unified retail platform.

This would enable passengers to search for and purchase the best-value tickets through a single app, irrespective of the route, thereby undermining a significant competitive edge currently held by Trainline.

Trainline emphasised that the new service was unlikely to launch before 2027, adding that it would push to ensure its own app could compete on a level playing field.

“The Government is unequivocal in its commitment to a fair, open and competitive market, recognising the central role independent retailers play,” Trainline said.

“As part of the industry consultation, the Government is engaging with Trainline and other independent retailers to assess various safeguards typically observed in regulated markets. This is to ensure [the new app] is not treated favourably versus other retailers, which is in line with competition law principles.”

The proposed government app forms part of broader plans to bring British railways back into public ownership, merging a host of private operators across various routes and services into a single state-owned entity, to be known as Great British Railways.

Apple Inc.’s stock has rebounded strongly in late February 2026, closing at $272.14 on February 24 after gaining 2.24%, as investors focus on the company’s record fiscal first-quarter performance, accelerating App Store growth, and anticipation for the iPhone 17e announcement amid broader concerns over regulatory pressures and China demand.

As of February 24, 2026, Apple (NASDAQ: AAPL) traded in a session range of $267.71 to $274.89 with volume of about 47 million shares. The shares have risen from recent lows near $255 in mid-February, though they remain below the all-time high of $285.92 reached on December 2, 2025. Year-to-date in 2026, the stock shows modest gains following a strong close to 2025, with market capitalization hovering around $4.1 trillion after briefly touching that milestone in recent commentary tied to U.S. manufacturing announcements.

The rally reflects digestion of Apple’s blockbuster fiscal Q1 2026 results reported January 29, 2026, for the period ended December 27, 2025. Revenue hit a record $143.8 billion, up 16% year-over-year, surpassing estimates of around $138-139 billion. Diluted earnings per share reached $2.84, up 19% and beating consensus of $2.67. Net income stood at $42.1 billion. iPhone revenue set a new high at approximately $85.3 billion (up 23%), driven by strong demand, while Services achieved a record $30 billion (up 14%), underscoring recurring revenue strength from the App Store, Apple Music, iCloud, and other offerings.

The board declared a quarterly dividend of $0.26 per share, payable February 12, 2026, maintaining its shareholder return commitment. Management highlighted an installed base exceeding 2.5 billion active devices and robust growth in emerging markets like India, offsetting some softness in Greater China amid competition from domestic brands like Huawei.

Recent developments include the February 24, 2026, annual shareholder meeting, where all nominated directors were reelected and proposals approved, signaling continued governance stability. Morgan Stanley noted accelerating App Store revenue growth in February, up 9% year-over-year per Sensor Tower data, supporting Services momentum despite ongoing antitrust scrutiny in the U.S., EU, and India.

Anticipation builds for Apple’s March 4, 2026, “Special Experience” event in New York, London, and Shanghai, expected to feature the iPhone 17e as successor to the iPhone 16e. Rumors point to a 6.1-inch OLED display with Dynamic Island (replacing the notch), A19 chip, 8GB RAM, 48MP main camera, USB-C, Action Button, improved battery, and Apple-designed 5G modem. Priced around $599, the model aims to broaden appeal in the value segment. Some leaks suggest a March announcement, aligning with Apple’s winter window for entry-level iPhones.

Broader outlook includes U.S. production of Mac minis, contributing to recent market cap commentary near $4 trillion. However, challenges persist: regulatory risks from App Store commission reductions (potentially impacting Services), antitrust trials, EU fines, and tariff/trade pressures. Analysts cite slower AI feature rollouts like enhanced Siri as execution risks.

Consensus among 28-47 analysts rates AAPL a Moderate Buy, with average 12-month price targets around $287-$299—implying 5-10% upside from current levels. High targets reach $350 from Wedbush, low ends around $200-$215. Optimism centers on ecosystem strength, Services expansion, and potential AI-driven cycles, balanced against valuation concerns and macro headwinds.

The next catalyst arrives with Q2 2026 earnings in late April, where updates on iPhone 17e traction, Services trends, and guidance revisions will be key. Positive momentum from the March event or sustained China recovery could propel shares higher; regulatory setbacks or demand softness might cap gains.

Apple navigates a pivotal period with its hardware-software-services integration and massive user base providing resilience. Record results and strategic launches position it to sustain leadership in consumer tech, though proving AI monetization and navigating global regulations will define trajectory in 2026.