HSBC has announced a $3 billion share buyback program despite reporting a 29% drop in second-quarter profit, falling short of market expectations. CEO Georges Elhedery attributed the profit decline to "structural challenges" within the global economy, leading to increased uncertainty and market volatility. He specifically highlighted the impact of "broad-based tariffs" as a contributing factor to the current economic climate. The share buyback aims to return capital to shareholders amid the challenging economic backdrop.