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Wikipedia

HSBC

January 03, 2023

This article is about the HSBC Group. For individual entities of the group, see HSBC Bank.

HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021.[6] In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA), respectively.[4] HSBC traces its origin to a hong in British Hong Kong, and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991;[7][8] its name derives from that company's initials.[9] The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865[1] and was first formally incorporated in 1866.[10]

HSBC Holdings plc
TypePublic limited company
IndustryFinancial services
Founded
FounderSir Thomas Sutherland (for The Hongkong and Shanghai Banking Corporation branch)
Headquarters8 Canada Square
London, England, UK
Area served
Worldwide
Key people
Mark Tucker
(Group Chairman)
Noel Quinn
(Group Chief Executive)
ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment banking, investment management, mortgage loans, mutual funds, private equity, securities services, risk management, wealth management
Revenue US$49.552 billion (2021)[4]
US$18.906 billion (2021)[4]
US$14.693 billion (2021)[4]
AUM US$630 billion (2021)[4]
Total assets US$2.958 trillion (2021)[4]
Total equity US$206.777 billion (2021)[4]
Number of employees
219,697 (2021)[4]
Subsidiaries
Subsidiaries
Websitewww.hsbc.com

HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers.[11] As of 2022, it was ranked no. 38 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value.[12]

HSBC is organised within three business groups: Commercial Banking, Global Banking and Markets, and Wealth and Personal Banking.[13][14] In 2020, the bank announced that it would consolidate its Retail Banking & Wealth Management arm with Global Private Banking, to form Wealth & Personal Banking.[15]

HSBC has a dual[16] primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. It has secondary listings on the New York Stock Exchange, and the Bermuda Stock Exchange.

HSBC has had a number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation with criminal organizations such as the Sinaloa cartel)[17] or setting up large scale tax avoidance schemes.

History

Origins to 2000

 
The HSBC Main Building in 1901 in Hong Kong, the headquarters of the Hong Kong and Shanghai Banking Corporation from 1886 to 1933 for its Hong Kong operation
 
The HSBC Building in 2005 in Shanghai, the headquarters of the Hong Kong and Shanghai Banking Corporation from 1923 to 1955 for its Shanghai operation
For more information on the history of HSBC prior to the founding of HSBC Holdings in 1991, see The Hongkong and Shanghai Banking Corporation § History.

The Hongkong and Shanghai Bank was founded by the Scottish banker, Thomas Sutherland, in the then-British colony of British Hong Kong on 3 March 1865, and in Shanghai a month later, benefiting from the start of trading into China, including opium trading.[18] It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866.[2] In 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987. On 6 October 1989, it was renamed by the legislative council, by an amendment to its governing ordinance originally made in 1929, to The Hongkong and Shanghai Banking Corporation Limited, and became registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong.[19]

During the Konfrontasi period in the 1960s, a group of Indonesian forces bombed the MacDonald House building in Singapore (at the time used by HSBC) just a few months after Singapore was granted its independence from Malaysia. A number of people were killed and the two military officers responsible for the bombing were tried and executed.[20]

HSBC Holdings plc, originally incorporated in England and Wales,[21] was a non-trading, dormant shelf company when it completed its transformation on 25 March 1991[3] into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of the UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China. HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993.[22]

Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1 billion in March 1997[23] and the acquisition of Roberts SA de Inversiones of Argentina for $600 million in May 1997.[24] In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $10.3 billion.[25]

2000 to 2010

 
The HSBC Main Building in Hong Kong, which was designed by Norman Foster and completed in 1985

Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, a large French bank for £6.6 billion.[26] In July 2001 HSBC bought Demirbank, an insolvent Turkish bank.[27] In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. (WTAS), would purchase a portion of Andersen's tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1 billion.[28]

In November 2002, HSBC expanded further in the United States. Under the chairmanship of John Bond, it spent £9 billion (US$15.5 billion) to acquire Household Finance Corporation (HFC), a US credit card issuer and subprime lender.[29] In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude that [it] was the deal of the first decade of the 21st century".[30] Under the new name of HSBC Finance, the division was the second largest subprime lender in the United States.[31]

The new headquarters of HSBC Holdings at 8 Canada Square, London officially opened in April 2003.[32]

In July 2003, HSBC announced that it had a agreed to acquire 82.19% of the Korean fund administrator, Asset Management Technology (AM TeK), for $12.47 million in cash; it was the largest fund administrator in South Korea, with $24 billion of assets under administration.[33] In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8 million.[34] In June 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of Shanghai.[35] In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million in December 2004.[36] Acquisitions in 2005 included Metris Inc, a US credit card issuer for $1.6 billion in August[37] and 70.1% of Dar es Salaam Investment Bank of Iraq in October.[38] In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155 million.[39] In December 2007 HSBC acquired the Chinese Bank in Taiwan.[40] In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm.[41]

In 2005, Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism. Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on the bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico.[42][43][44][45][46]

In July 2006, HSBC announced that it would acquire Westpac's sub-custody operations in Australia and New Zealand for $112.5 million, making HSBC the leading sub-custody and clearing player in Australia and New Zealand.[47]

In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $10.5 billion, becoming the first major bank to report its losses due to the unfolding subprime mortgage crisis.[48][49]

According to Bloomberg, "HSBC is one of world's strongest banks by some measures".[50] When HM Treasury required all UK banks to increase their capital in October 2007, the group transferred £750 million to London within hours, and announced that it had just lent £4 billion to other UK banks.[51]

In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the United States, leading to nearly 6,000 job losses and leaving only the credit card business to continue operating.[52][53] Chairman Stephen Green stated, "HSBC has a reputation for telling it as it is. With the benefit of hindsight, this is an acquisition we wish we had not undertaken."[54] According to analyst Colin Morton, "the takeover was an absolute disaster".[53][55]

In March 2009, it announced that it had made US$9.3 billion of profit in 2008 and announced a £12.5 billion (US$17.7 billion; HK$138 billion) rights issue to enable it to buy other banks that were struggling to survive.[56] However, uncertainty over the rights issue's implications for institutional investors caused volatility in the Hong Kong stock market: on 9 March 2009 HSBC's share price fell 24.14%, with 12 million shares sold in the last few seconds of trading.[57]

2010 to 2013

On 25 April 2011, HSBC decided to shut down its retail banking business in Russia and reduce its private banking presence to a representative office.[58]

On 11 May 2013, the new chief executive Stuart Gulliver announced that HSBC would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector, was planned. HSBC would no longer seek to be 'the world's local bank', as costs associated with this were spiraling and US$3.5 billion needed to be saved by 2013, with the aim of bringing overheads down from 55% of revenues to 48%. In 2010, then-chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry. Group Chief Executive Michael Geoghegan was expected to become the next chairman. However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders instead pushed for an external candidate.[59][60] HSBC's board of directors had reportedly been split over the succession planning and investors were alarmed that the row would damage the company.[61]

On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC.[62] He was succeeded as chief executive by Stuart Gulliver, while Green was succeeded as chairman by Douglas Flint; Flint was serving as HSBC's finance director (chief financial officer). August 2011: Further to CEO Stuart Gulliver's plan to cut $3.5 billion in costs over the next two years, HSBC announced that it will cut 25,000 jobs and exit from 20 countries by 2013 in addition to 5,000 job cuts announced earlier in the year. The consumer banking division of HSBC will focus on the UK, Hong Kong, high-growth markets such as Mexico, Singapore, Turkey, and Brazil, and smaller countries where it has a leading market share.[63] According to Reuters, Chief Executive Stuart Gulliver told the media, "There will be further job cuts. There will be something like 25,000 roles eliminated between now and the end of 2013."[64]

In August 2011 "to align our U.S. business with our global network and meet the local and international needs of domestic and overseas clients", HSBC agreed to sell 195 branches in New York and Connecticut to First Niagara Financial Group Inc, and divestures to KeyCorp, Community Bank, N.A. and Five Star Bank for around $1 billion, and announced the closure of 13 branches in Connecticut and New Jersey. The rest of HSBC's U.S. network will only be about half from a total 470 branches before divestments.[65] On 9 August 2011, Capital One Financial Corp. agreed to acquire HSBC's U.S. credit card business for $2.6 billion,[66] netting HSBC Holdings an estimated after-tax profit of $2.4 billion.[67] In September it was announced that HSBC sought to sell its general insurance business for around $1 billion.[68]

In 2012, HSBC was the subject of hearings of the U.S. Senate permanent subcommittee for investigations for severe deficiencies in its anti-money laundering practices (see Controversies). On 16 July the committee presented its findings.[69][70][71] Among other things, it concluded that HSBC had been transferring $7 billion in banknotes from its Mexican to its US subsidiary (much of it related to drug dealing[72]), was disregarding terrorist financing links[44] and was actively circumventing US safeguards to block transactions involving terrorists, drug lords and rogue regimes, including hiding $19.4 billion in transactions with Iran. This investigation followed on from a probe by the US Federal Reserve and Office of the Comptroller of the Currency found that there was "significant potential for unreported money laundering or terrorist financing".[73]

On 11 December 2012, HSBC agreed to pay a record $1.92 billion fine in this money laundering case. "Bank officials repeatedly ignored internal warnings that HSBC's monitoring systems were inadequate, the Justice Department said. In 2008, for example, the CEO of HSBC Mexico was told that Mexican law enforcement had a recording of a Mexican drug lord saying that HSBC Mexico was the place to launder money."[74] The United States Department of Justice, however, decided not to pursue criminal penalties, a decision which the New York Times labelled a "dark day for the rule of law."[75] HSBC chief executive Stuart Gulliver said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again."[74]

Since 2013

In July 2013, Alan Keir was appointed chief executive of HSBC Bank plc after Brian Robertson resigned from his post. Keir's duties include overseeing the firm's UK, European, Middle Eastern, and African divisions.[76]

In June 2014, an indirect wholly-owned subsidiary HSBC Life (UK) Limited agreed to sell its £4.2 billion UK pensions business to Swiss Re.[77] In February 2015 the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks based on the 2007 hacked HSBC account records from whistle-blower Hervé Falciani. The ICIJ alleges that the bank profited from doing business with corrupt politicians, dictators, tax evaders, dealers of blood diamonds, arms dealers and other clients.[78] US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities, but never received the data.[79]

HSBC announced in August 2015 that it would be selling its Brazilian unit to Banco Bradesco for $5.2 billion following years of disappointing performance.[80] In 2015, HSBC was recognised as the most trusted foreign bank in India by The Brand Trust Report 2015.[81]

In 2016, the bank was mentioned numerous times in connection with the Panama Papers investigation. Many Syrians were angered when their accounts were judged high-risk and closed, despite the bank reportedly telling Mossack Fonseca it was "comfortable" with Rami Makhlouf as a customer, even though US Treasury sanctions against him were in effect at the time.[82]

On 20 March 2017, the British newspaper The Guardian reported that hundreds of banks had helped launder KGB-related funds out of Russia, as uncovered by an investigation named Global Laundromat. HSBC was listed among the 17 banks in the UK that were "facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers," as HSBC "processed $545.3m in Laundromat cash, mostly routed through its Hong Kong branch." Other banks facing scrutiny under the investigation included the Royal Bank of Scotland, NatWest, Lloyds, Barclays and Coutts.[83] In response, HSBC stated that it was against financial crime, and that the case "highlights the need for greater information sharing between the public and private sectors."[84]

On 1 October 2017, Mark Tucker succeeded Douglas Flint as group chairman of HSBC, the first non-executive and outside chairman appointed by the group.[85] Also in October 2017, HSBC announced that John Flint, chief executive of Retail Banking and Wealth Management, would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018.[86] It was further announced on 5 August 2019 that Flint was leaving and his role would be filled on a temporary basis by Noel Quinn, head of HSBC's global commercial bank.[87] Noel Quinn was subsequently appointed to the role on a permanent basis in March 2020.[88]

In February 2020, HSBC announced it would cut 35,000 jobs worldwide after it was announced corporate profits decreased by 33% in 2019.[89]

In October 2020, HSBC committed to achieve zero-emission by 2050, e.g., by this year it would not only become carbon neutral by itself but also will work only with carbon-neutral clients. It also committed to providing 750–1,000 billion dollars to help clients make the transition. It also pledged to achieve carbon neutrality in his own operations by 2030.[90]

In January 2021, HSBC announced that it would be closing 82 branches in Britain.[91] In May 2021, HSBC announced the exit of US retail banking business by selling 10 California branches to Cathay Bank and 80 branches to Citizens Financial Group and closing the remaining branches.[92] The bank said it intends to focus on the banking and wealth management needs of globally connected affluent and high net worth clients.[93]

In August 2021, HSBC announced the acquisition of AXA Singapore. HSBC Insurance (Asia-Pacific) Holdings Ltd, an indirect wholly-owned subsidiary of HSBC would acquire 100% of the issued share capital of AXA Singapore for $575m.[94] In December 2021, HSBC Asset Management (India) Private Ltd, an indirect wholly-owned subsidiary of HSBC announced it would acquire L&T Investment Management for $425 million from L&T Finance Holdings.[95]

In October 2020, HSBC committed to achieve zero emission by 2050, e.g., by this year it would not only become carbon neutral by itself but also will work only with carbon neutral clients. It also committed to provide between 750 billion and 1 trillion dollars to help clients make the transition. It also pledged to achieve carbon neutrality in his own operations by 2030.[96] In May 2021, HSBC committed to end the financing of the coal industry, with a commitment to publish a new coal policy and provide further detail on its climate strategy by the end of 2021.[97] The organisation's "Thermal Coal Phase-Out Policy" was published in December 2021.[98]

In July 2022, HSBC became the first foreign lender to open a Chinese Communist Party (CCP) committee in its Chinese investment banking subsidiary.[99] The subsidiary, HSBC Qianhai Securities, is a 90% HSBC-owned joint venture.[99]

In November 2022, HSBC announced the exit of Canadian market. Royal Bank of Canada will acquire 100% of the common shares of HSBC Canada for an all-cash purchase price of $13.5 billion, which is a multiple of 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected by late 2023, subject to regulatory approvals.[100] HSBC has been under pressure to cut costs and divest non-Asian businesses.[101]

Operations

 
A map showing the countries of the world in which HSBC currently has operations

HSBC has its world headquarters at 8 Canada Square in Canary Wharf, London.[102]

Size, profit and auditors

  • As of 2014, according to Relsbank, HSBC was the fourth-largest bank in the world by assets (with $2,670.00  billion), the second largest in terms of revenues (with $146.50 billion) and the largest in terms of market value (with $180.81 billion).[103]
  • It was also the most profitable bank in the world with $19.13 billion in net income in 2007 (compared to Citigroup's $3.62 billion and Bank of America's $14.98 billion in the same period).[104]
  • In June 2006, The Economist stated that since the end of 2005 HSBC has been rated the largest banking group in the world by Tier 1 capital.[105] In June 2014 The Banker ranked HSBC first in Western Europe and 5th in the world for Tier 1 capital.[106]
  • In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine.[107][108]
  • HSBC has been audited by PwC, one of the Big Four auditors since 2015.[109]

Brexit

In preparation for Brexit, HSBC announced that it will be facing as much as $300 million in legal and relocation fees as it plans to relocate 1,000 staff members from London to Paris.[110] In the second quarter of 2017, the bank had $4 million in charges for "costs associated with the U.K.'s exit from the EU".[110] HSBC plans to move roughly one-fifth of its London-based investment bankers to its Paris offices in order to maintain a continuous access point to the European Union's single market.[110] While its headquarters will remain in London,[111] the staff movement is expected to avoid a loss of $1 billion of revenue after Brexit.[112]

 
HSBC Bank in George Town, Penang, Malaysia

Principal subsidiaries

 
HSBC Bank in Colombo Fort, Sri Lanka

These are HSBC's subsidiaries worldwide:[113]

Asia Pacific

HSBC ceased retail banking operations in Thailand and Japan in 2012.[114] HSBC entered Brunei in 1947 but commenced winding down its operations in April 2016 citing the bank's optimisation of its global network and reduced complexity.[115][116] As of 2019, HSBC stopped offering Amanah (a retail banking product and service in compliance with the Islamic Shari'ah laws) in Bahrain, Bangladesh, Indonesia, Singapore and the UAE following a strategic review of its global Islamic Finance businesses, while the bank continues on offering the same Shari'ah compliant products and services in Malaysia and in Saudi Arabia.[117][118]

Europe

Further, HSBC Private Bank is a name for UK-based private banking division. HSBC Expat is the offshore banking division of the HSBC Group based in St Helier, Jersey that focuses on providing finance and cross border services to expatriates and migrants.[119]

Americas
Middle East and North Africa
 
HSBC has maintained its presence in Beirut, Lebanon ever since 1946, thus the first in the Middle East

Principal business groups and divisions

HSBC organises its customer-facing activities within three business groups: Commercial Banking (CMB); Global Banking and Markets (GBM); Wealth and Personal Banking (WPB).[13]

Commercial banking

HSBC provides financial services to small, medium-sized and middle-market enterprises. The group has more than 2 million such customers, including sole proprietors, partnerships, clubs and associations, incorporated businesses and publicly quoted companies.[120]

In December 2015, HSBC announced that Noel Quinn will succeed Simon Cooper as the chief executive officer of Commercial Banking. Simon Cooper has decided to leave the bank to pursue other opportunities.[121]

Global banking and markets

Global Banking and Markets is the investment banking arm of HSBC. For Global Banking, it provides investment banking and financing products for corporate and institutional clients, including corporate banking, investment banking, capital markets, trade services, payments and cash management, and leveraged acquisition finance. For Markets and Securities Services, it provides services in equities, credit and rates, foreign exchange, money markets and securities services. Global Banking and Markets has offices in more than 60 countries and territories worldwide, and positions itself as "emerging markets-led and financing-focused".[122]

Wealth and personal banking

Wealth and Personal Banking helps customers to take care of their day-to-day finances and to manage, protect and grow their wealth. HSBC provides more than 54 million[123] customers worldwide with a full range of personal financial services, including current and savings accounts, mortgage loans, car financing, insurance, credit cards, loans, pensions and investments. Retail Banking and Wealth Management (also known as RBWM) was previously referred to as Personal Financial Services (PFS). This rename was announced during HSBC's 2011 Investor Day.[124]

In 2020, HSBC announced merging two of its business lines: Retail Banking and Wealth Management & Global Private Banking to form a new business unit as Wealth and Personal Banking.[125]

Group service centers

 
HSBC Data Processing Center in Bangalore, India
 
The HSBC Technology Center in Colombo, Sri Lanka

As a cost-saving measure HSBC is offshoring processing work to lower-cost economies in order to reduce the cost of providing services in developed countries. These locations take on work such as data processing and customer service, but also internal software engineering at Pune (India), Gurgaon (India), Bangalore (India), Chennai (India), Hyderabad (India), Vishakhapatnam (India), Kolkata (India), Colombo (Sri Lanka), Guangzhou (China), Curitiba (Brazil) and Kuala Lumpur (Malaysia). Chief Operating Officer Alan Jebson said in March 2005 that he would be very surprised if fewer than 25,000 people were working in the centers over the next three years: "I don't have a precise target but I would be surprised if we had less than 15 (global service centers) in three years' time." He went on to say that each centre cost the bank from $20m to $30m to set up, but that for every job moved the bank saves about $20,000 (£10,400).[126] Trades unions, particularly in the UK and US, blame these centers for job losses in developed countries, and also for the effective imposition of wage caps on their members.[126]

Products

HSBC Direct

HSBC Direct is a telephone/online direct banking operation which attracts customers through mortgages, accounts and savings. It was first launched in the USA[127] in November 2005 and is based on HSBC's 'First Direct' subsidiary in Britain which was launched in the 1980s. The service is now also available in Canada,[128] Taiwan,[129] South Korea,[130] Australia, France.[131] Poland is launching business direct in September 2009. In the US, HSBC Direct is now part of HSBC Advance.[132]

HSBCnet

HSBCnet provides access to transaction banking functionality – ranging from payments and cash management to trade services features – as well as to research and analytical content from HSBC. It also includes foreign exchange and money markets trading functionality. The system is used widely by HSBC's high-end corporate and institutional clients served variously by the bank's global banking and markets, commercial banking, and global transaction banking divisions. HSBCnet is also the brand under which HSBC markets its global e-commerce proposition to its corporate and institutional clients.[133]

HSBC Advance

HSBC Advance is the group's product aimed at working professionals. The exact benefits and qualifications vary depending on country, but typically require a monthly direct deposit or maintain US$5,000 of deposit/investments or residential mortgage. Business owners may use commercial relationship to qualify. Advantages may vary depending on country, such as day-to-day banking services including but not limited to a Platinum Credit Card, Advance ATM Card, Current Account and Savings Account. Protection plans and Financial Planning Services. A HSBC Advance customer enables the customer to open accounts in another country and transfer their credit history.[134]

HSBC Premier

HSBC Premier is the group's premium financial services product.[135] It has its own portfolio of credit cards around the world. The exact benefits and qualification criteria vary depending on the country. Customers have a dedicated premier relationship manager, global 24-hour access to call centres, free banking services, and preferential rates. A HSBC Premier customer receives the HSBC Premier services in all countries that offer HSBC Premier, without having to meet that country's qualifying criteria ("Premier in One, Premier in All").[136]

HSBC Jade

HSBC Jade is an invite-only financial services product aimed at individuals with net worths typically between $1 million and $5 million in investible assets held with HSBC. Before invitation, members must be HSBC Premier members for a designated period of time. In addition to HSBC Premier benefits, HSBC Jade have select concierge services, estate planning services, and access to Jade Centres around the globe.[137]

Leadership

Current leadership

List of previous Group Chairmen

The position of Group Chairman was formed in 1991; the preceding position, Chairman of The Hongkong and Shanghai Banking Corporation, remains an active position today.[140]

  1. Sir William Purves (1991–1998)[141]
  2. Sir John Bond (1998–2006)[142]
  3. The Lord Green (2006–2010)[143]
  4. Sir Douglas Flint (2010–2017)[144]

List of previous Group Chief Executives

The position of Group Chief Executive was formed in 1991; the preceding position, Chief Executive of The Hongkong and Shanghai Banking Corporation, remains an active position today.[140]

  1. Sir William Purves (1991–1993)[145]
  2. Sir John Bond (1993–1998)[146]
  3. Sir Keith Whitson (1998–2003)[147]
  4. The Lord Green (2003–2006)[143]
  5. Michael Geoghegan (2007–2010)[148]
  6. Stuart Gulliver (2011–2018)[149]
  7. John Flint (2018–2019)[150]

Controversies

Money laundering

In both 2003 and 2010, U.S. regulators ordered HSBC to strengthen its anti-money laundering practices.[151] In October 2010, the United States OCC issued a Cease and Desist Order requiring HSBC to strengthen multiple aspects of its Anti-Money Laundering (AML) program. The identified problems included a once massive backlog of over 17,000 alerts identifying suspicious activity, failure to file timely suspicious activity reports with U.S. law enforcement, failure to conduct any due diligence to assess risks to HSBC affiliates before opening correspondent accounts for them, a three-year failure by HBUS from mid-2006 to mid-2009 to conduct any AML of $15 billion in bulk cash transactions from those same HSBC affiliates, failure to monitor $60 trillion in annual wire transfers by customers in countries rated lower risk by HBUS, and inadequate and unqualified AML staffing, resources, and leadership. It was noted that HSBC fully cooperated with the Senate investigation.[152]

In 2012, HSBC was fined by $14 million by Argentina for failure to report suspicious transactions in the country in 2008.[153]

On 19 July 2012, India investigated alleged violation of safety compliance, in which Indian employees were believed to be involved.[154] On 9 November 2012, Indian activist and politician Arvind Kejriwal said he had details of 700 Indian bank accounts hiding black money with a total value of ₹60 billion (US$750 million) with HSBC in Geneva.[155] In June 2013, a media outlet in India did an undercover expose where HSBC officers were caught on camera agreeing to launder "black money." HSBC placed these employees on leave pending their own internal investigation.[156]

In November 2012, it was reported that HSBC had set up offshore accounts in Jersey for suspected drug-dealers and other criminals, and that HM Revenue and Customs had launched an investigation following a whistle blower leaking details of £700 million allegedly held in HSBC accounts in the Crown dependency.[157]

Following search warrants and raids beginning in January 2013, in mid-March 2013 Argentina's main taxing authority accused HSBC of using fake receipts and dummy accounts to facilitate money laundering and tax evasion.[158][159][160]

In early February 2013, appearing before UK's Parliamentary Banking Standards Commission, CEO Stuart Gulliver acknowledged that the structure of the bank had been "not fit for purpose." He also stated, "Matters that should have been shared and escalated were not shared and escalated."[161] HSBC has also been accused of laundering money for terrorist groups.[161][162]

In June 2015, HSBC was fined by the Geneva authorities after an investigation into money laundering within its Swiss subsidiary. The fine was 40 million Swiss Francs.[163]

In 2018, HSBC was fined 15 million rand by South Africa's central bank for weaknesses in its processes meant to detect money laundering and terrorism financing, though it also added that HSBC was not found to have facilitated any transactions involving money laundering or the financing of terrorism in South Africa.[164]

In 2020, HSBC told AUSTRAC that it may have broken Australia's anti money laundering and counter-terrorism laws after allegedly failing to report thousands of transactions to AUSTRAC.[165][166]

In July 2021, HSBC disclosed that in 2016 it discovered a suspected money laundering network that received $4.2 billion worth of payments which has raised questions over whether it disclosed this appropriately to US monitors as the bank was still under probation by U.S. authorities over anti-money laundering concerns.[167][168]

In December 2021, HSBC was fined 64 million pounds ($85 million) by British regulators for failings in its anti-money laundering processes spanning eight years.[169]

US Senate investigation (2012)

In July 2012, a US Senate committee issued a report[170] which stated that HSBC had been in breach of money-laundering rules, and had assisted Iran and North Korea to circumvent US nuclear-weapons sanctions.[171][172]

In December 2012, Assistant U.S. Attorney General Lanny Breuer suggested that the U.S. government might resist criminal prosecution of HSBC which could lead to the loss of the bank's U.S. charter. He stated, "Our goal here is not to bring HSBC down, it's not to cause a systemic effect on the economy, it's not for people to lose thousands of jobs."[151]

In December 2012, HSBC was penalised $1.9 billion (US), the largest fine under the Bank Secrecy Act, for violating four U.S. laws designed to protect the U.S. financial system.[173] HSBC had allegedly laundered at least $881 million in drugs proceeds through the U.S. financial system for international cartels, as well as processing an additional $660 million for banks in US sanctioned countries. According to the report, "The U.S. bank subsidiary [also] failed to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of physical dollars from its Mexico unit."[173] As part of the agreement deferring its prosecution, HSBC acknowledged that for years it had ignored warning signs that drug cartels in Mexico were using its branches to launder millions of dollars, and also acknowledged that HSBC's international staff had stripped identifying information on transactions made through the United States from countries facing economic sanctions such as Iran and Sudan.[151]

A December 2012 CNNMoney article compared the 1.9 billion dollar fine to HSBC's profit "last year" (2011) of 16.8 billion.[151]

In 2016, HSBC was sued by Mexican families involved in deaths by organized-crime gangs for processing funds ("money laundering") for the Sinaloa cartel.[174]

FinCEN Files (2020)

The FinCEN Files showed that HSBC continued to serve alleged criminals and corporations involved in government corruption, including $292 million for the Waked Family company Viva Panama between 2010 and 2016 before the United States Department of the Treasury declared it a drug money-laundering organization. HSBC's activities took place while the bank was under probation from the U.S. government; six former HSBC employees reported to the International Consortium of Investigative Journalists that the a deferred prosecution agreement for HSBC marked a "cultural shift" in the organization toward profit-making motives. Employees working in compliance at HSBC also expressed concern to Buzzfeed about what they felt were inadequate efforts to combat money laundering, including hasty investigations and unachievable internal investigation quotas.[175][176] In response to the report HSBC said it is "continually seeking ways to improve" its financial crime compliance regime.[177]

Forex, Libor and Euribor scandals (2014)

The bank was fined US$275m by the US CFTC in 2014 for taking part in the Forex scandal.[178] The bank also settled for US$18m in the related Libor scandal and EUR 33m for the Euribor rate scandal (relative to other banks a small amount).[179][180] In October 2020 HSBC was fined about $2.2 million over the Euribor rate scandal in Switzerland.[181]

Belgian tax fraud, money laundering charges (2014)

In November 2014, HSBC was accused of tax fraud and money laundering by Belgian Prosecutors for helping hundreds of clients move money into offshore tax havens.[182][183]

In August 2019, HSBC agreed to pay $336 million to settle the case.[184][185]

Tax avoidance schemes (2015)

See also: Swiss Leaks

In February 2015, the International Consortium of Investigative Journalists released information about the bank's business conduct under the title Swiss Leaks. The ICIJ alleges that the bank profited from doing business with tax evaders and other clients.[78] The BBC reported that the bank had put pressure on media not to report about the controversy, with British newspaper The Guardian claiming bank advertising had been put "on pause" after The Guardian's coverage of the matter.[186] Peter Oborne, chief political commentator at The Daily Telegraph, resigned from the paper and in an open letter claimed the newspaper suppressed negative stories and dropped investigations into HSBC because of the bank's advertising.[187]

In November 2017, HSBC agreed to pay $352 million to settle a French investigation into the case.[188]

In August 2019, the former head of HSBC Swiss from 2000 to 2008, Peter Braunwalder pleaded guilty in a French court for helping wealthy clients hide $1.8 billion. He was fined $560,000 and received a one-year suspended jail sentence.[189]

In December 2019, HSBC Swiss agreed to pay a $192 million United States fine for the case.[190][191]

$3.5 billion currency scheme (2016)

In July 2016, the United States Department of Justice charged two executives from HSBC Bank over an alleged $3.5 billion currency scheme which defrauded HSBC clients and "manipulated the foreign exchange market to benefit themselves and their bank".[192] "Mark Johnson and Stuart Scott, both British citizens, are being accused".[193] "Johnson was arrested late Tuesday [19 July 2016] at JFK International Airport in New York City."[193] "Stuart Scott, who was HSBC's European head of foreign exchange trading in London until December 2014, is accused of the same crimes. A warrant was issued for Scott's arrest, but he fled to Britain. In July 2018 the High Court of Justice ruled against extraditing him to the United States since most of the alleged crimes took place in Britain and because Scott has no significant connection to the United States.[194][192]

Mark Johnson was later convicted of nine counts of wire fraud and conspiracy to defraud related to front running the currency trades of HSBC clients and sentenced to two years in federal prison.[195][196] He was released after serving three months in prison and was allowed to return home to the U.K. while he pursued an appeal. November 2020 the U.S. Supreme Court declined to hear an appeal of his 2017 conviction, which was previously upheld by the United States Court of Appeals for the Second Circuit. It meant he would have to return to the U.S. to serve his sentence.[197] In February 2021 a judge ruled that Johnson would not need to report to prison until he is vaccinated against COVID-19.[198] In January 2018 HSBC agreed to pay a $101.5 million fine over the case.[199][200]

Defense industry (2018)

In December 2018, The Jerusalem Post reported that HSBC confirmed that the bank would divest from Elbit Systems Ltd., Israel's largest non-government-owned military contractor,[201] active in numerous defence-related industries. HSBC justified its decision by claiming it "strongly supports observance of international human rights principles as they apply to business."[202] In response, the group Palestine Solidarity Campaign (PSC) released a press release in which it "declared a victory" and quoted PSC director Ben Jamal saying the decision demonstrates "the effectiveness of Boycott, Divestment, and Sanctions as a tactic."[203] JewishPress.com reported that multiple sources claimed HSBC's decision was not influenced by the BDS movement but was an "investment decision."[204]

In an editorial titled "Bad Banking", The Jerusalem Post wrote, "HSBC, if this is your final decision, you will go down on the wrong side of history. Do you understand that Israel is using Elbit technology to protect itself against Palestinian terror, and not to undermine the rights of the Palestinian people? If you are really concerned about human rights, perhaps you might consider using some of your own income to invest in the Palestinian economy, and boost cooperation between Israeli and Palestinian institutions."[205]

Housing crisis fine (2018)

In 2018, HSBC agreed to pay a $765 million fine to settle claims it mis-sold Residential mortgage-backed securities between 2005 and 2007.[206][207] Forbes noted the settlement was the lowest of 11 banks that settled with the Department of Justice.[208] HSBC has said in statement that it has been improving relevant control mechanisms since the financial crisis.[209]

Support for China's Security Law for Hong Kong (2020)

In June 2020, on the eve of the anniversary of the Tiananmen Square protests, HSBC took the rare step of wading into political issues by publicly backing Beijing's controversial new national security law for Hong Kong.[210] The chief executive for HSBC's Asia-Pacific division, Peter Wong, signed a petition supporting the law and stated in a post on Chinese social media that HSBC "respects and supports all laws that stabilise Hong Kong's social order."[211][212]

Though HSBC moved its headquarters to London in 1993, Hong Kong remains its largest market accounting for 54% of its profit, a third of its global revenue, and 50,000 local staff.[213][214] In response, Joshua Wong, a top Hong Kong pro-democracy activist decried the bank's position stating that HSBC's stance demonstrates "how China will use the national security law as new leverage for more political influence over foreign business community in this global city."[212] Alistair Carmichael, the U.K. chairman of the All Parliamentary Group on Hong Kong, said HSBC made a serious error by bending to China's will regarding the security law, calling it "a colossal misjudgment" since it would be seen as a large British corporation advocating for "a fairly flagrant breach of international law" when banks rely on a rules-based system.[210] Human Rights Watch alleged that "the new national security law will deal the most severe blow to the rights of people in Hong Kong since the territory's transfer to China in 1997."[213]

British Foreign Secretary Dominic Raab also commented on HSBC's stance, saying "Businesses will make their own judgment calls, but let me just put it this way – we will not sacrifice the people of Hong Kong over the altar of banker bonuses".[215]

Since August 2020, HSBC has frozen the accounts of numerous pro-democratic organizations and activists, and their families, including Jimmy Lai, Ted Hui and the Good Neighbour North District Church.[216][217]

In January 2021, the CEO of HSBC defended its relationship with Chinese authorities in Hong Kong and freezing of Ted Hui's account to the United Kingdom's parliamentary foreign affairs committee.[218][219]

In February 2021, more than 50 members of the Inter-Parliamentary Alliance on China called for the immediate unfreezing of funds belonging to Ted Hui and his family,[220][221]

Sterling Lads (2021)

EU antitrust regulators fined HSBC 174.3 million euros for foreign exchange market rigging by exchanging sensitive information and trading plans through an online chat room dubbed "Sterling Lads".[222][223]

Other

Data loss (2008)

In 2008, HSBC issued a statement confirming it had lost a disc containing details of 370,000 customers of its life insurance business. HSBC said the disc had failed to arrive in the post between offices and it was not encrypted.[224] The bank was later fined over £3 million by the Financial Services Authority for failing to exercise reasonable care with regards to data protection in connection with this and other lost customer information.[225]

Breaching Iran sanctions for Huawei (2009–2014)

From 2009 to 2014, in breach of United States sanctions on Iran, the bank facilitated money transfers in Iran on behalf of the Chinese company Huawei.[226]

Gaddafi Libya claims (2011)

According to Global Witness and cited by BBC, "billions of dollars of assets" were held by the bank for the Libyan Investment Authority, controlled by Colonel Muammar Gaddafi. Following Gaddafi's overthrow the bank declined to reveal information about the funds citing customer confidentiality.[227][228][229]

Deforestation claims (2012, 2018)

In the report titled "In the Future There Will Be No Forests Left" produced by Global Witness, the bank was accused of supporting the seven largest Malaysian timber conglomerates, which are responsible for deforestation in the Malaysian state of Sarawak.[230] The bank declined to divulge its clients, citing client confidentiality, but maintains that the accusations are not accurate.[231] The environmentalist group Greenpeace has also alleged that the bank is contributing to the deforestation in Indonesia and subsequent hazardous impacts in the region by providing funds to palm oil producers for new plantations. The bank has denied these claims, citing its sustainability policy that prohibits the bank from financing projects that "damage high conservation value forest."[232]

Money-laundering policies (2014)

The bank was reported to have refused large cash withdrawals for customers without a third-party letter confirming what the money would be used for.[233] Douglas Carswell, the Conservative MP for Clacton, was alarmed by the policy: "All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense, your money becomes pocket money and the bank becomes your parent."[233]

Payments-processing failures (2015)

In August 2015, the bank failed to process BACS payments resulting in thousands of salaries not paid, house purchase and payment for essential home care failures.[234]

Spam phone calls (2020)

In January 2020, HSBC agreed to pay a $2.4 million settlement for a lawsuit filed in 2015 by customers who stated they received spam phone calls from the company.[235]

Racism report (2021)

HSBC banker Ian Clarke alleged a failure of HSBC to retain or promote black and other ethnic minority staff, a lack of such people in senior positions, and insufficient policies to address these problems. HSBC did not address the specifics of Clarke's assertions and he resigned shortly thereafter.[236][237]

Climate change (2022)

Stuart Kirk, the bank's global head of responsible investing, was suspended in May due to his speech in which he said "There's always some nut job telling me about the end of the world." He quit his position in July, criticising the "cancel culture" in his Linkedin post, and blaming it for his suspension and resignation.[238] In October, the company had its two advertisements banned due to being misleading about the company's activities for reducing the effects of climate change. The Advertising Standards Authority (ASA), who was behind the ban, stated that the posters omitted material information about how HSBC planned to tackle the climate change and reduce its impact.[239]

 
Logo used from 1998 to 2018.
 
Logo used from 2018 to present.

The group announced in November 1998 that the HSBC brand and the hexagon symbol would be adopted as the unified brand in all the markets where HSBC operates, with the aim of enhancing recognition of the group and its values by customers, shareholders and staff throughout the world. The hexagon symbol was originally adopted by the Hongkong and Shanghai Banking Corporation as its logo in 1983. It was developed from the bank's house flag, a white rectangle divided diagonally to produce a red hourglass shape. Like many other Hong Kong company flags that originated in the 19th century, and because of its founder's nationality, the design was based on the cross of Saint Andrew. The logo was designed by Austrian graphic artist Henry Steiner.[240]

In 2018, HSBC made minor changes to their logo. The wordmark was repositioned from left to the right, resized to be smaller, and was switched from Serif to a licensed custom font called Univers Next for HSBC. The logo red was made slightly darker red.[241]

Sponsorships

 
The 2004 Jaguar Racing Formula One car, being driven by Mark Webber

Having sponsored the Jaguar Racing Formula One team since the days of Stewart Grand Prix, HSBC ended its relationship with motorsport after seven years when Red Bull purchased Jaguar Racing from Ford.[242]

In the mid-2000s, HSBC switched its focus to golf, taking title sponsorship of several events such as the HSBC World Match Play Championship, HSBC Women's World Match Play Championship (now defunct), WGC-HSBC Champions, Abu Dhabi HSBC Golf Championship, HSBC Women's Champions, HSBC Golf Business Forum and HSBC Golf Roots (a youth development programme). HSBC was named the 'Official Banking Partner' of the Open Championship, in a five-year deal announced in 2010.[243]

In October 2010, the International Rugby Board announced that they had concluded a 5-year deal with HSBC which granted them status as the first-ever title sponsor of the World Sevens Series. Through the accord, HSBC is paying more than $100 million for the title naming rights to all the tournaments. HSBC opted to sub-license the naming rights to all but one of the individual tournaments while retaining its name sponsorship of the overall series and the Hong Kong Sevens.[244] The company also sponsors the Hong Kong Rugby Union and the New South Wales Waratahs team in Super Rugby. It sponsored British & Irish Lions during their 2009 tour to South Africa and 2013 tour to Australia.[245]

HSBC is the official banking partner of the Wimbledon Championships tennis tournament, providing banking facilities on site and renaming the junior event as the HSBC Road to Wimbledon National 14 and Under Challenge.[246]

HSBC's other sponsorships are mainly in the area of education, health and the environment. In November 2006, HSBC announced a $5 million partnership with SOS Children as part of Future First.[247]

See also

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January 03, 2023
hsbc, this, article, about, group, individual, entities, group, bank, holdings, british, multinational, universal, bank, financial, services, holding, company, largest, bank, europe, total, assets, ahead, paribas, with, trillion, december, 2021, 2021, trillion. This article is about the HSBC Group For individual entities of the group see HSBC Bank HSBC Holdings plc is a British multinational universal bank and financial services holding company It is the largest bank in Europe by total assets ahead of BNP Paribas with US 2 953 trillion as of December 2021 6 In 2021 HSBC had 10 8 trillion in assets under custody AUC and 4 9 trillion in assets under administration AUA respectively 4 HSBC traces its origin to a hong in British Hong Kong and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991 7 8 its name derives from that company s initials 9 The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865 1 and was first formally incorporated in 1866 10 HSBC Holdings plcHSBC headquarters at Canary Wharf LondonTypePublic limited companyTraded asLSE HSBA SEHK 5 NYSE HSBC BSX HSBC BH FTSE 100 component HSBA Hang Seng component 5 IndustryFinancial servicesFoundedFirst established on 3 March 1865 157 years ago 1865 03 03 in British Hong Kong 1 as The Hongkong and Shanghai Bank First incorporated on 14 August 1866 156 years ago 1866 08 14 2 as The Hongkong and Shanghai Banking Corporation 25 March 1991 31 years ago 1991 03 25 1 3 in London as HSBC Holdings plc as parent holding company to the entity in Hong Kong now as a subsidiary FounderSir Thomas Sutherland for The Hongkong and Shanghai Banking Corporation branch Headquarters8 Canada SquareLondon England UKArea servedWorldwideKey peopleMark Tucker Group Chairman Noel Quinn Group Chief Executive ProductsAsset management banking commodities credit cards equities trading insurance investment banking investment management mortgage loans mutual funds private equity securities services risk management wealth managementRevenueUS 49 552 billion 2021 4 Operating incomeUS 18 906 billion 2021 4 Net incomeUS 14 693 billion 2021 4 AUMUS 630 billion 2021 4 Total assetsUS 2 958 trillion 2021 4 Total equityUS 206 777 billion 2021 4 Number of employees219 697 2021 4 SubsidiariesSubsidiaries The Hongkong and Shanghai Banking CorporationHang Seng BankHSBC Bank plcHSBC FinanceHSBC Bank CanadaHSBC Bank IndiaHSBC Bank MalaysiaHSBC Bank Middle EastHSBC Bank USAHSBC MexicoHSBC Sri LankaHSBC UK Bank plcM amp S Financial Services plc 5 Websitewww wbr hsbc wbr comHSBC has offices in 64 countries and territories across Africa Asia Oceania Europe North America and South America serving around 40 million customers 11 As of 2022 it was ranked no 38 in the world in the Forbes rankings of large companies ranked by sales profits assets and market value 12 HSBC is organised within three business groups Commercial Banking Global Banking and Markets and Wealth and Personal Banking 13 14 In 2020 the bank announced that it would consolidate its Retail Banking amp Wealth Management arm with Global Private Banking to form Wealth amp Personal Banking 15 HSBC has a dual 16 primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index It has secondary listings on the New York Stock Exchange and the Bermuda Stock Exchange HSBC has had a number of controversies and the bank has been repeatedly fined for money laundering sometimes in relation with criminal organizations such as the Sinaloa cartel 17 or setting up large scale tax avoidance schemes Contents 1 History 1 1 Origins to 2000 1 2 2000 to 2010 1 3 2010 to 2013 1 4 Since 2013 2 Operations 2 1 Size profit and auditors 2 2 Brexit 2 3 Principal subsidiaries 2 4 Principal business groups and divisions 2 4 1 Commercial banking 2 4 2 Global banking and markets 2 4 3 Wealth and personal banking 2 4 4 Group service centers 3 Products 3 1 HSBC Direct 3 2 HSBCnet 3 3 HSBC Advance 3 4 HSBC Premier 3 5 HSBC Jade 4 Leadership 4 1 Current leadership 4 2 List of previous Group Chairmen 4 3 List of previous Group Chief Executives 5 Controversies 5 1 Money laundering 5 1 1 US Senate investigation 2012 5 1 2 FinCEN Files 2020 5 2 Forex Libor and Euribor scandals 2014 5 3 Belgian tax fraud money laundering charges 2014 5 4 Tax avoidance schemes 2015 5 5 3 5 billion currency scheme 2016 5 6 Defense industry 2018 5 7 Housing crisis fine 2018 5 8 Support for China s Security Law for Hong Kong 2020 5 9 Sterling Lads 2021 5 10 Other 5 10 1 Data loss 2008 5 10 2 Breaching Iran sanctions for Huawei 2009 2014 5 10 3 Gaddafi Libya claims 2011 5 10 4 Deforestation claims 2012 2018 5 10 5 Money laundering policies 2014 5 10 6 Payments processing failures 2015 5 10 7 Spam phone calls 2020 5 10 8 Racism report 2021 5 10 9 Climate change 2022 6 Logo 7 Sponsorships 8 See also 9 References 10 External linksHistory EditOrigins to 2000 Edit The HSBC Main Building in 1901 in Hong Kong the headquarters of the Hong Kong and Shanghai Banking Corporation from 1886 to 1933 for its Hong Kong operation The HSBC Building in 2005 in Shanghai the headquarters of the Hong Kong and Shanghai Banking Corporation from 1923 to 1955 for its Shanghai operation For more information on the history of HSBC prior to the founding of HSBC Holdings in 1991 see The Hongkong and Shanghai Banking Corporation History The Hongkong and Shanghai Bank was founded by the Scottish banker Thomas Sutherland in the then British colony of British Hong Kong on 3 March 1865 and in Shanghai a month later benefiting from the start of trading into China including opium trading 18 It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866 2 In 1980 HSBC acquired a 51 shareholding in US based Marine Midland Bank which it extended to full ownership in 1987 On 6 October 1989 it was renamed by the legislative council by an amendment to its governing ordinance originally made in 1929 to The Hongkong and Shanghai Banking Corporation Limited and became registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong 19 During the Konfrontasi period in the 1960s a group of Indonesian forces bombed the MacDonald House building in Singapore at the time used by HSBC just a few months after Singapore was granted its independence from Malaysia A number of people were killed and the two military officers responsible for the bombing were tried and executed 20 HSBC Holdings plc originally incorporated in England and Wales 21 was a non trading dormant shelf company when it completed its transformation on 25 March 1991 3 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary in preparation for its purchase of the UK based Midland Bank and the impending transfer of sovereignty of Hong Kong to China HSBC Holdings acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom As part of the takeover conditions for the acquisition HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993 22 Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for 1 billion in March 1997 23 and the acquisition of Roberts SA de Inversiones of Argentina for 600 million in May 1997 24 In May 1999 HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for 10 3 billion 25 2000 to 2010 Edit The HSBC Main Building in Hong Kong which was designed by Norman Foster and completed in 1985 Expansion into Continental Europe took place in April 2000 with the acquisition of Credit Commercial de France a large French bank for 6 6 billion 26 In July 2001 HSBC bought Demirbank an insolvent Turkish bank 27 In July 2002 Arthur Andersen announced that HSBC USA Inc through a new subsidiary Wealth and Tax Advisory Services USA Inc WTAS would purchase a portion of Andersen s tax practice The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high net worth individuals Then in August 2002 HSBC acquired Grupo Financiero Bital SA de CV Mexico s third largest retail bank for 1 1 billion 28 In November 2002 HSBC expanded further in the United States Under the chairmanship of John Bond it spent 9 billion US 15 5 billion to acquire Household Finance Corporation HFC a US credit card issuer and subprime lender 29 In a 2003 cover story The Banker noted when banking historians look back they may conclude that it was the deal of the first decade of the 21st century 30 Under the new name of HSBC Finance the division was the second largest subprime lender in the United States 31 The new headquarters of HSBC Holdings at 8 Canada Square London officially opened in April 2003 32 In July 2003 HSBC announced that it had a agreed to acquire 82 19 of the Korean fund administrator Asset Management Technology AM TeK for 12 47 million in cash it was the largest fund administrator in South Korea with 24 billion of assets under administration 33 In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for 7 8 million 34 In June 2004 HSBC expanded into China buying 19 9 of the Bank of Communications of Shanghai 35 In the United Kingdom HSBC acquired Marks amp Spencer Retail Financial Services Holdings Ltd for 763 million in December 2004 36 Acquisitions in 2005 included Metris Inc a US credit card issuer for 1 6 billion in August 37 and 70 1 of Dar es Salaam Investment Bank of Iraq in October 38 In April 2006 HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for 155 million 39 In December 2007 HSBC acquired the Chinese Bank in Taiwan 40 In May 2008 HSBC acquired IL amp FS Investment an Indian retail broking firm 41 In 2005 Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism Then CEO Stephen Green said that This was a singular and wholly irresponsible attack on the bank s international compliance procedures but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico 42 43 44 45 46 In July 2006 HSBC announced that it would acquire Westpac s sub custody operations in Australia and New Zealand for 112 5 million making HSBC the leading sub custody and clearing player in Australia and New Zealand 47 In 2007 HSBC wrote down its holdings of subprime related mortgage securities by 10 5 billion becoming the first major bank to report its losses due to the unfolding subprime mortgage crisis 48 49 According to Bloomberg HSBC is one of world s strongest banks by some measures 50 When HM Treasury required all UK banks to increase their capital in October 2007 the group transferred 750 million to London within hours and announced that it had just lent 4 billion to other UK banks 51 In March 2009 HSBC announced that it would shut down the branch network of its HSBC Finance arm in the United States leading to nearly 6 000 job losses and leaving only the credit card business to continue operating 52 53 Chairman Stephen Green stated HSBC has a reputation for telling it as it is With the benefit of hindsight this is an acquisition we wish we had not undertaken 54 According to analyst Colin Morton the takeover was an absolute disaster 53 55 In March 2009 it announced that it had made US 9 3 billion of profit in 2008 and announced a 12 5 billion US 17 7 billion HK 138 billion rights issue to enable it to buy other banks that were struggling to survive 56 However uncertainty over the rights issue s implications for institutional investors caused volatility in the Hong Kong stock market on 9 March 2009 HSBC s share price fell 24 14 with 12 million shares sold in the last few seconds of trading 57 2010 to 2013 Edit On 25 April 2011 HSBC decided to shut down its retail banking business in Russia and reduce its private banking presence to a representative office 58 On 11 May 2013 the new chief executive Stuart Gulliver announced that HSBC would refocus its business strategy and that a large scale retrenchment of operations particularly in respect of the retail sector was planned HSBC would no longer seek to be the world s local bank as costs associated with this were spiraling and US 3 5 billion needed to be saved by 2013 with the aim of bringing overheads down from 55 of revenues to 48 In 2010 then chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry Group Chief Executive Michael Geoghegan was expected to become the next chairman However while many current and former senior employees supported the tradition of promoting the chief executive to chairman many shareholders instead pushed for an external candidate 59 60 HSBC s board of directors had reportedly been split over the succession planning and investors were alarmed that the row would damage the company 61 On 23 September 2010 Geoghegan announced he would step down as chief executive of HSBC 62 He was succeeded as chief executive by Stuart Gulliver while Green was succeeded as chairman by Douglas Flint Flint was serving as HSBC s finance director chief financial officer August 2011 Further to CEO Stuart Gulliver s plan to cut 3 5 billion in costs over the next two years HSBC announced that it will cut 25 000 jobs and exit from 20 countries by 2013 in addition to 5 000 job cuts announced earlier in the year The consumer banking division of HSBC will focus on the UK Hong Kong high growth markets such as Mexico Singapore Turkey and Brazil and smaller countries where it has a leading market share 63 According to Reuters Chief Executive Stuart Gulliver told the media There will be further job cuts There will be something like 25 000 roles eliminated between now and the end of 2013 64 In August 2011 to align our U S business with our global network and meet the local and international needs of domestic and overseas clients HSBC agreed to sell 195 branches in New York and Connecticut to First Niagara Financial Group Inc and divestures to KeyCorp Community Bank N A and Five Star Bank for around 1 billion and announced the closure of 13 branches in Connecticut and New Jersey The rest of HSBC s U S network will only be about half from a total 470 branches before divestments 65 On 9 August 2011 Capital One Financial Corp agreed to acquire HSBC s U S credit card business for 2 6 billion 66 netting HSBC Holdings an estimated after tax profit of 2 4 billion 67 In September it was announced that HSBC sought to sell its general insurance business for around 1 billion 68 In 2012 HSBC was the subject of hearings of the U S Senate permanent subcommittee for investigations for severe deficiencies in its anti money laundering practices see Controversies On 16 July the committee presented its findings 69 70 71 Among other things it concluded that HSBC had been transferring 7 billion in banknotes from its Mexican to its US subsidiary much of it related to drug dealing 72 was disregarding terrorist financing links 44 and was actively circumventing US safeguards to block transactions involving terrorists drug lords and rogue regimes including hiding 19 4 billion in transactions with Iran This investigation followed on from a probe by the US Federal Reserve and Office of the Comptroller of the Currency found that there was significant potential for unreported money laundering or terrorist financing 73 On 11 December 2012 HSBC agreed to pay a record 1 92 billion fine in this money laundering case Bank officials repeatedly ignored internal warnings that HSBC s monitoring systems were inadequate the Justice Department said In 2008 for example the CEO of HSBC Mexico was told that Mexican law enforcement had a recording of a Mexican drug lord saying that HSBC Mexico was the place to launder money 74 The United States Department of Justice however decided not to pursue criminal penalties a decision which the New York Times labelled a dark day for the rule of law 75 HSBC chief executive Stuart Gulliver said We accept responsibility for our past mistakes We have said we are profoundly sorry for them and we do so again 74 Since 2013 Edit In July 2013 Alan Keir was appointed chief executive of HSBC Bank plc after Brian Robertson resigned from his post Keir s duties include overseeing the firm s UK European Middle Eastern and African divisions 76 In June 2014 an indirect wholly owned subsidiary HSBC Life UK Limited agreed to sell its 4 2 billion UK pensions business to Swiss Re 77 In February 2015 the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks based on the 2007 hacked HSBC account records from whistle blower Herve Falciani The ICIJ alleges that the bank profited from doing business with corrupt politicians dictators tax evaders dealers of blood diamonds arms dealers and other clients 78 US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities but never received the data 79 HSBC announced in August 2015 that it would be selling its Brazilian unit to Banco Bradesco for 5 2 billion following years of disappointing performance 80 In 2015 HSBC was recognised as the most trusted foreign bank in India by The Brand Trust Report 2015 81 In 2016 the bank was mentioned numerous times in connection with the Panama Papers investigation Many Syrians were angered when their accounts were judged high risk and closed despite the bank reportedly telling Mossack Fonseca it was comfortable with Rami Makhlouf as a customer even though US Treasury sanctions against him were in effect at the time 82 On 20 March 2017 the British newspaper The Guardian reported that hundreds of banks had helped launder KGB related funds out of Russia as uncovered by an investigation named Global Laundromat HSBC was listed among the 17 banks in the UK that were facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers as HSBC processed 545 3m in Laundromat cash mostly routed through its Hong Kong branch Other banks facing scrutiny under the investigation included the Royal Bank of Scotland NatWest Lloyds Barclays and Coutts 83 In response HSBC stated that it was against financial crime and that the case highlights the need for greater information sharing between the public and private sectors 84 On 1 October 2017 Mark Tucker succeeded Douglas Flint as group chairman of HSBC the first non executive and outside chairman appointed by the group 85 Also in October 2017 HSBC announced that John Flint chief executive of Retail Banking and Wealth Management would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018 86 It was further announced on 5 August 2019 that Flint was leaving and his role would be filled on a temporary basis by Noel Quinn head of HSBC s global commercial bank 87 Noel Quinn was subsequently appointed to the role on a permanent basis in March 2020 88 In February 2020 HSBC announced it would cut 35 000 jobs worldwide after it was announced corporate profits decreased by 33 in 2019 89 In October 2020 HSBC committed to achieve zero emission by 2050 e g by this year it would not only become carbon neutral by itself but also will work only with carbon neutral clients It also committed to providing 750 1 000 billion dollars to help clients make the transition It also pledged to achieve carbon neutrality in his own operations by 2030 90 In January 2021 HSBC announced that it would be closing 82 branches in Britain 91 In May 2021 HSBC announced the exit of US retail banking business by selling 10 California branches to Cathay Bank and 80 branches to Citizens Financial Group and closing the remaining branches 92 The bank said it intends to focus on the banking and wealth management needs of globally connected affluent and high net worth clients 93 In August 2021 HSBC announced the acquisition of AXA Singapore HSBC Insurance Asia Pacific Holdings Ltd an indirect wholly owned subsidiary of HSBC would acquire 100 of the issued share capital of AXA Singapore for 575m 94 In December 2021 HSBC Asset Management India Private Ltd an indirect wholly owned subsidiary of HSBC announced it would acquire L amp T Investment Management for 425 million from L amp T Finance Holdings 95 In October 2020 HSBC committed to achieve zero emission by 2050 e g by this year it would not only become carbon neutral by itself but also will work only with carbon neutral clients It also committed to provide between 750 billion and 1 trillion dollars to help clients make the transition It also pledged to achieve carbon neutrality in his own operations by 2030 96 In May 2021 HSBC committed to end the financing of the coal industry with a commitment to publish a new coal policy and provide further detail on its climate strategy by the end of 2021 97 The organisation s Thermal Coal Phase Out Policy was published in December 2021 98 In July 2022 HSBC became the first foreign lender to open a Chinese Communist Party CCP committee in its Chinese investment banking subsidiary 99 The subsidiary HSBC Qianhai Securities is a 90 HSBC owned joint venture 99 In November 2022 HSBC announced the exit of Canadian market Royal Bank of Canada will acquire 100 of the common shares of HSBC Canada for an all cash purchase price of 13 5 billion which is a multiple of 9 4 times HSBC Canada s estimated 2024 earnings Completion of the transaction is expected by late 2023 subject to regulatory approvals 100 HSBC has been under pressure to cut costs and divest non Asian businesses 101 Operations Edit A map showing the countries of the world in which HSBC currently has operations HSBC has its world headquarters at 8 Canada Square in Canary Wharf London 102 Size profit and auditors Edit As of 2014 according to Relsbank HSBC was the fourth largest bank in the world by assets with 2 670 00 billion the second largest in terms of revenues with 146 50 billion and the largest in terms of market value with 180 81 billion 103 It was also the most profitable bank in the world with 19 13 billion in net income in 2007 compared to Citigroup s 3 62 billion and Bank of America s 14 98 billion in the same period 104 In June 2006 The Economist stated that since the end of 2005 HSBC has been rated the largest banking group in the world by Tier 1 capital 105 In June 2014 The Banker ranked HSBC first in Western Europe and 5th in the world for Tier 1 capital 106 In February 2008 HSBC was named the world s most valuable banking brand by The Banker magazine 107 108 HSBC has been audited by PwC one of the Big Four auditors since 2015 109 Brexit Edit In preparation for Brexit HSBC announced that it will be facing as much as 300 million in legal and relocation fees as it plans to relocate 1 000 staff members from London to Paris 110 In the second quarter of 2017 the bank had 4 million in charges for costs associated with the U K s exit from the EU 110 HSBC plans to move roughly one fifth of its London based investment bankers to its Paris offices in order to maintain a continuous access point to the European Union s single market 110 While its headquarters will remain in London 111 the staff movement is expected to avoid a loss of 1 billion of revenue after Brexit 112 HSBC Bank in George Town Penang Malaysia Principal subsidiaries Edit HSBC Bank in Colombo Fort Sri Lanka These are HSBC s subsidiaries worldwide 113 Asia PacificHSBC Armenia HSBC Bangladesh HSBC Bank Australia HSBC Bank India HSBC Bank Indonesia The Hongkong and Shanghai Banking Corporation Hang Seng Bank HSBC China HSBC Bank Malaysia HSBC Bank Philippines HSBC Bank Vietnam HSBC Korea Only commercial banking HSBC Korea withdrew consumer retail banking from South Korea in 2013 HSBC Singapore HSBC Sri Lanka HSBC Taiwan HSBC ceased retail banking operations in Thailand and Japan in 2012 114 HSBC entered Brunei in 1947 but commenced winding down its operations in April 2016 citing the bank s optimisation of its global network and reduced complexity 115 116 As of 2019 update HSBC stopped offering Amanah a retail banking product and service in compliance with the Islamic Shari ah laws in Bahrain Bangladesh Indonesia Singapore and the UAE following a strategic review of its global Islamic Finance businesses while the bank continues on offering the same Shari ah compliant products and services in Malaysia and in Saudi Arabia 117 118 EuropeHSBC Bank Europe HSBC France HSBC Greece HSBC Trinkaus und Burkhardt AG HSBC Bank Malta HSBC Private Bank Suisse SA HSBC UK Bank plc Further HSBC Private Bank is a name for UK based private banking division HSBC Expat is the offshore banking division of the HSBC Group based in St Helier Jersey that focuses on providing finance and cross border services to expatriates and migrants 119 AmericasHSBC Bank Argentina HSBC Bank Bermuda HSBC Bank Canada HSBC Bank USA HSBC Finance Corporation HSBC Mexico HSBC Securities USA Inc Middle East and North Africa HSBC has maintained its presence in Beirut Lebanon ever since 1946 thus the first in the Middle East HSBC Bank Egypt HSBC Bank Jordan HSBC Bank Middle East HSBC Bank Turkey The Saudi British Bank HSBC Saudi Arabia Principal business groups and divisions Edit HSBC organises its customer facing activities within three business groups Commercial Banking CMB Global Banking and Markets GBM Wealth and Personal Banking WPB 13 Commercial banking Edit HSBC provides financial services to small medium sized and middle market enterprises The group has more than 2 million such customers including sole proprietors partnerships clubs and associations incorporated businesses and publicly quoted companies 120 In December 2015 HSBC announced that Noel Quinn will succeed Simon Cooper as the chief executive officer of Commercial Banking Simon Cooper has decided to leave the bank to pursue other opportunities 121 Global banking and markets Edit Global Banking and Markets is the investment banking arm of HSBC For Global Banking it provides investment banking and financing products for corporate and institutional clients including corporate banking investment banking capital markets trade services payments and cash management and leveraged acquisition finance For Markets and Securities Services it provides services in equities credit and rates foreign exchange money markets and securities services Global Banking and Markets has offices in more than 60 countries and territories worldwide and positions itself as emerging markets led and financing focused 122 Wealth and personal banking Edit Wealth and Personal Banking helps customers to take care of their day to day finances and to manage protect and grow their wealth HSBC provides more than 54 million 123 customers worldwide with a full range of personal financial services including current and savings accounts mortgage loans car financing insurance credit cards loans pensions and investments Retail Banking and Wealth Management also known as RBWM was previously referred to as Personal Financial Services PFS This rename was announced during HSBC s 2011 Investor Day 124 In 2020 HSBC announced merging two of its business lines Retail Banking and Wealth Management amp Global Private Banking to form a new business unit as Wealth and Personal Banking 125 Group service centers Edit HSBC Data Processing Center in Bangalore India The HSBC Technology Center in Colombo Sri Lanka As a cost saving measure HSBC is offshoring processing work to lower cost economies in order to reduce the cost of providing services in developed countries These locations take on work such as data processing and customer service but also internal software engineering at Pune India Gurgaon India Bangalore India Chennai India Hyderabad India Vishakhapatnam India Kolkata India Colombo Sri Lanka Guangzhou China Curitiba Brazil and Kuala Lumpur Malaysia Chief Operating Officer Alan Jebson said in March 2005 that he would be very surprised if fewer than 25 000 people were working in the centers over the next three years I don t have a precise target but I would be surprised if we had less than 15 global service centers in three years time He went on to say that each centre cost the bank from 20m to 30m to set up but that for every job moved the bank saves about 20 000 10 400 126 Trades unions particularly in the UK and US blame these centers for job losses in developed countries and also for the effective imposition of wage caps on their members 126 Products EditHSBC Direct Edit HSBC Direct is a telephone online direct banking operation which attracts customers through mortgages accounts and savings It was first launched in the USA 127 in November 2005 and is based on HSBC s First Direct subsidiary in Britain which was launched in the 1980s The service is now also available in Canada 128 Taiwan 129 South Korea 130 Australia France 131 Poland is launching business direct in September 2009 In the US HSBC Direct is now part of HSBC Advance 132 HSBCnet Edit HSBCnet provides access to transaction banking functionality ranging from payments and cash management to trade services features as well as to research and analytical content from HSBC It also includes foreign exchange and money markets trading functionality The system is used widely by HSBC s high end corporate and institutional clients served variously by the bank s global banking and markets commercial banking and global transaction banking divisions HSBCnet is also the brand under which HSBC markets its global e commerce proposition to its corporate and institutional clients 133 HSBC Advance Edit HSBC Advance is the group s product aimed at working professionals The exact benefits and qualifications vary depending on country but typically require a monthly direct deposit or maintain US 5 000 of deposit investments or residential mortgage Business owners may use commercial relationship to qualify Advantages may vary depending on country such as day to day banking services including but not limited to a Platinum Credit Card Advance ATM Card Current Account and Savings Account Protection plans and Financial Planning Services A HSBC Advance customer enables the customer to open accounts in another country and transfer their credit history 134 HSBC Premier Edit HSBC Premier is the group s premium financial services product 135 It has its own portfolio of credit cards around the world The exact benefits and qualification criteria vary depending on the country Customers have a dedicated premier relationship manager global 24 hour access to call centres free banking services and preferential rates A HSBC Premier customer receives the HSBC Premier services in all countries that offer HSBC Premier without having to meet that country s qualifying criteria Premier in One Premier in All 136 HSBC Jade Edit HSBC Jade is an invite only financial services product aimed at individuals with net worths typically between 1 million and 5 million in investible assets held with HSBC Before invitation members must be HSBC Premier members for a designated period of time In addition to HSBC Premier benefits HSBC Jade have select concierge services estate planning services and access to Jade Centres around the globe 137 Leadership EditCurrent leadership Edit Group Chairman Mark Tucker October 2017 to present 138 Group Chief Executive Noel Quinn March 2020 to present 138 139 List of previous Group Chairmen Edit The position of Group Chairman was formed in 1991 the preceding position Chairman of The Hongkong and Shanghai Banking Corporation remains an active position today 140 Sir William Purves 1991 1998 141 Sir John Bond 1998 2006 142 The Lord Green 2006 2010 143 Sir Douglas Flint 2010 2017 144 List of previous Group Chief Executives Edit The position of Group Chief Executive was formed in 1991 the preceding position Chief Executive of The Hongkong and Shanghai Banking Corporation remains an active position today 140 Sir William Purves 1991 1993 145 Sir John Bond 1993 1998 146 Sir Keith Whitson 1998 2003 147 The Lord Green 2003 2006 143 Michael Geoghegan 2007 2010 148 Stuart Gulliver 2011 2018 149 John Flint 2018 2019 150 Controversies EditMoney laundering Edit In both 2003 and 2010 U S regulators ordered HSBC to strengthen its anti money laundering practices 151 In October 2010 the United States OCC issued a Cease and Desist Order requiring HSBC to strengthen multiple aspects of its Anti Money Laundering AML program The identified problems included a once massive backlog of over 17 000 alerts identifying suspicious activity failure to file timely suspicious activity reports with U S law enforcement failure to conduct any due diligence to assess risks to HSBC affiliates before opening correspondent accounts for them a three year failure by HBUS from mid 2006 to mid 2009 to conduct any AML of 15 billion in bulk cash transactions from those same HSBC affiliates failure to monitor 60 trillion in annual wire transfers by customers in countries rated lower risk by HBUS and inadequate and unqualified AML staffing resources and leadership It was noted that HSBC fully cooperated with the Senate investigation 152 In 2012 HSBC was fined by 14 million by Argentina for failure to report suspicious transactions in the country in 2008 153 On 19 July 2012 India investigated alleged violation of safety compliance in which Indian employees were believed to be involved 154 On 9 November 2012 Indian activist and politician Arvind Kejriwal said he had details of 700 Indian bank accounts hiding black money with a total value of 60 billion US 750 million with HSBC in Geneva 155 In June 2013 a media outlet in India did an undercover expose where HSBC officers were caught on camera agreeing to launder black money HSBC placed these employees on leave pending their own internal investigation 156 In November 2012 it was reported that HSBC had set up offshore accounts in Jersey for suspected drug dealers and other criminals and that HM Revenue and Customs had launched an investigation following a whistle blower leaking details of 700 million allegedly held in HSBC accounts in the Crown dependency 157 Following search warrants and raids beginning in January 2013 in mid March 2013 Argentina s main taxing authority accused HSBC of using fake receipts and dummy accounts to facilitate money laundering and tax evasion 158 159 160 In early February 2013 appearing before UK s Parliamentary Banking Standards Commission CEO Stuart Gulliver acknowledged that the structure of the bank had been not fit for purpose He also stated Matters that should have been shared and escalated were not shared and escalated 161 HSBC has also been accused of laundering money for terrorist groups 161 162 In June 2015 HSBC was fined by the Geneva authorities after an investigation into money laundering within its Swiss subsidiary The fine was 40 million Swiss Francs 163 In 2018 HSBC was fined 15 million rand by South Africa s central bank for weaknesses in its processes meant to detect money laundering and terrorism financing though it also added that HSBC was not found to have facilitated any transactions involving money laundering or the financing of terrorism in South Africa 164 In 2020 HSBC told AUSTRAC that it may have broken Australia s anti money laundering and counter terrorism laws after allegedly failing to report thousands of transactions to AUSTRAC 165 166 In July 2021 HSBC disclosed that in 2016 it discovered a suspected money laundering network that received 4 2 billion worth of payments which has raised questions over whether it disclosed this appropriately to US monitors as the bank was still under probation by U S authorities over anti money laundering concerns 167 168 In December 2021 HSBC was fined 64 million pounds 85 million by British regulators for failings in its anti money laundering processes spanning eight years 169 US Senate investigation 2012 Edit In July 2012 a US Senate committee issued a report 170 which stated that HSBC had been in breach of money laundering rules and had assisted Iran and North Korea to circumvent US nuclear weapons sanctions 171 172 In December 2012 Assistant U S Attorney General Lanny Breuer suggested that the U S government might resist criminal prosecution of HSBC which could lead to the loss of the bank s U S charter He stated Our goal here is not to bring HSBC down it s not to cause a systemic effect on the economy it s not for people to lose thousands of jobs 151 In December 2012 HSBC was penalised 1 9 billion US the largest fine under the Bank Secrecy Act for violating four U S laws designed to protect the U S financial system 173 HSBC had allegedly laundered at least 881 million in drugs proceeds through the U S financial system for international cartels as well as processing an additional 660 million for banks in US sanctioned countries According to the report The U S bank subsidiary also failed to monitor more than 670 billion in wire transfers and more than 9 4 billion in purchases of physical dollars from its Mexico unit 173 As part of the agreement deferring its prosecution HSBC acknowledged that for years it had ignored warning signs that drug cartels in Mexico were using its branches to launder millions of dollars and also acknowledged that HSBC s international staff had stripped identifying information on transactions made through the United States from countries facing economic sanctions such as Iran and Sudan 151 A December 2012 CNNMoney article compared the 1 9 billion dollar fine to HSBC s profit last year 2011 of 16 8 billion 151 In 2016 HSBC was sued by Mexican families involved in deaths by organized crime gangs for processing funds money laundering for the Sinaloa cartel 174 FinCEN Files 2020 Edit The FinCEN Files showed that HSBC continued to serve alleged criminals and corporations involved in government corruption including 292 million for the Waked Family company Viva Panama between 2010 and 2016 before the United States Department of the Treasury declared it a drug money laundering organization HSBC s activities took place while the bank was under probation from the U S government six former HSBC employees reported to the International Consortium of Investigative Journalists that the a deferred prosecution agreement for HSBC marked a cultural shift in the organization toward profit making motives Employees working in compliance at HSBC also expressed concern to Buzzfeed about what they felt were inadequate efforts to combat money laundering including hasty investigations and unachievable internal investigation quotas 175 176 In response to the report HSBC said it is continually seeking ways to improve its financial crime compliance regime 177 Forex Libor and Euribor scandals 2014 Edit The bank was fined US 275m by the US CFTC in 2014 for taking part in the Forex scandal 178 The bank also settled for US 18m in the related Libor scandal and EUR 33m for the Euribor rate scandal relative to other banks a small amount 179 180 In October 2020 HSBC was fined about 2 2 million over the Euribor rate scandal in Switzerland 181 Belgian tax fraud money laundering charges 2014 Edit In November 2014 HSBC was accused of tax fraud and money laundering by Belgian Prosecutors for helping hundreds of clients move money into offshore tax havens 182 183 In August 2019 HSBC agreed to pay 336 million to settle the case 184 185 Tax avoidance schemes 2015 Edit See also Swiss Leaks In February 2015 the International Consortium of Investigative Journalists released information about the bank s business conduct under the title Swiss Leaks The ICIJ alleges that the bank profited from doing business with tax evaders and other clients 78 The BBC reported that the bank had put pressure on media not to report about the controversy with British newspaper The Guardian claiming bank advertising had been put on pause after The Guardian s coverage of the matter 186 Peter Oborne chief political commentator at The Daily Telegraph resigned from the paper and in an open letter claimed the newspaper suppressed negative stories and dropped investigations into HSBC because of the bank s advertising 187 In November 2017 HSBC agreed to pay 352 million to settle a French investigation into the case 188 In August 2019 the former head of HSBC Swiss from 2000 to 2008 Peter Braunwalder pleaded guilty in a French court for helping wealthy clients hide 1 8 billion He was fined 560 000 and received a one year suspended jail sentence 189 In December 2019 HSBC Swiss agreed to pay a 192 million United States fine for the case 190 191 3 5 billion currency scheme 2016 Edit In July 2016 the United States Department of Justice charged two executives from HSBC Bank over an alleged 3 5 billion currency scheme which defrauded HSBC clients and manipulated the foreign exchange market to benefit themselves and their bank 192 Mark Johnson and Stuart Scott both British citizens are being accused 193 Johnson was arrested late Tuesday 19 July 2016 at JFK International Airport in New York City 193 Stuart Scott who was HSBC s European head of foreign exchange trading in London until December 2014 is accused of the same crimes A warrant was issued for Scott s arrest but he fled to Britain In July 2018 the High Court of Justice ruled against extraditing him to the United States since most of the alleged crimes took place in Britain and because Scott has no significant connection to the United States 194 192 Mark Johnson was later convicted of nine counts of wire fraud and conspiracy to defraud related to front running the currency trades of HSBC clients and sentenced to two years in federal prison 195 196 He was released after serving three months in prison and was allowed to return home to the U K while he pursued an appeal November 2020 the U S Supreme Court declined to hear an appeal of his 2017 conviction which was previously upheld by the United States Court of Appeals for the Second Circuit It meant he would have to return to the U S to serve his sentence 197 In February 2021 a judge ruled that Johnson would not need to report to prison until he is vaccinated against COVID 19 198 In January 2018 HSBC agreed to pay a 101 5 million fine over the case 199 200 Defense industry 2018 Edit In December 2018 The Jerusalem Post reported that HSBC confirmed that the bank would divest from Elbit Systems Ltd Israel s largest non government owned military contractor 201 active in numerous defence related industries HSBC justified its decision by claiming it strongly supports observance of international human rights principles as they apply to business 202 In response the group Palestine Solidarity Campaign PSC released a press release in which it declared a victory and quoted PSC director Ben Jamal saying the decision demonstrates the effectiveness of Boycott Divestment and Sanctions as a tactic 203 JewishPress com reported that multiple sources claimed HSBC s decision was not influenced by the BDS movement but was an investment decision 204 In an editorial titled Bad Banking The Jerusalem Post wrote HSBC if this is your final decision you will go down on the wrong side of history Do you understand that Israel is using Elbit technology to protect itself against Palestinian terror and not to undermine the rights of the Palestinian people If you are really concerned about human rights perhaps you might consider using some of your own income to invest in the Palestinian economy and boost cooperation between Israeli and Palestinian institutions 205 Housing crisis fine 2018 Edit In 2018 HSBC agreed to pay a 765 million fine to settle claims it mis sold Residential mortgage backed securities between 2005 and 2007 206 207 Forbes noted the settlement was the lowest of 11 banks that settled with the Department of Justice 208 HSBC has said in statement that it has been improving relevant control mechanisms since the financial crisis 209 Support for China s Security Law for Hong Kong 2020 Edit In June 2020 on the eve of the anniversary of the Tiananmen Square protests HSBC took the rare step of wading into political issues by publicly backing Beijing s controversial new national security law for Hong Kong 210 The chief executive for HSBC s Asia Pacific division Peter Wong signed a petition supporting the law and stated in a post on Chinese social media that HSBC respects and supports all laws that stabilise Hong Kong s social order 211 212 Though HSBC moved its headquarters to London in 1993 Hong Kong remains its largest market accounting for 54 of its profit a third of its global revenue and 50 000 local staff 213 214 In response Joshua Wong a top Hong Kong pro democracy activist decried the bank s position stating that HSBC s stance demonstrates how China will use the national security law as new leverage for more political influence over foreign business community in this global city 212 Alistair Carmichael the U K chairman of the All Parliamentary Group on Hong Kong said HSBC made a serious error by bending to China s will regarding the security law calling it a colossal misjudgment since it would be seen as a large British corporation advocating for a fairly flagrant breach of international law when banks rely on a rules based system 210 Human Rights Watch alleged that the new national security law will deal the most severe blow to the rights of people in Hong Kong since the territory s transfer to China in 1997 213 British Foreign Secretary Dominic Raab also commented on HSBC s stance saying Businesses will make their own judgment calls but let me just put it this way we will not sacrifice the people of Hong Kong over the altar of banker bonuses 215 Since August 2020 HSBC has frozen the accounts of numerous pro democratic organizations and activists and their families including Jimmy Lai Ted Hui and the Good Neighbour North District Church 216 217 In January 2021 the CEO of HSBC defended its relationship with Chinese authorities in Hong Kong and freezing of Ted Hui s account to the United Kingdom s parliamentary foreign affairs committee 218 219 In February 2021 more than 50 members of the Inter Parliamentary Alliance on China called for the immediate unfreezing of funds belonging to Ted Hui and his family 220 221 Sterling Lads 2021 Edit EU antitrust regulators fined HSBC 174 3 million euros for foreign exchange market rigging by exchanging sensitive information and trading plans through an online chat room dubbed Sterling Lads 222 223 Other Edit Data loss 2008 Edit In 2008 HSBC issued a statement confirming it had lost a disc containing details of 370 000 customers of its life insurance business HSBC said the disc had failed to arrive in the post between offices and it was not encrypted 224 The bank was later fined over 3 million by the Financial Services Authority for failing to exercise reasonable care with regards to data protection in connection with this and other lost customer information 225 Breaching Iran sanctions for Huawei 2009 2014 Edit From 2009 to 2014 in breach of United States sanctions on Iran the bank facilitated money transfers in Iran on behalf of the Chinese company Huawei 226 Gaddafi Libya claims 2011 Edit According to Global Witness and cited by BBC billions of dollars of assets were held by the bank for the Libyan Investment Authority controlled by Colonel Muammar Gaddafi Following Gaddafi s overthrow the bank declined to reveal information about the funds citing customer confidentiality 227 228 229 Deforestation claims 2012 2018 Edit In the report titled In the Future There Will Be No Forests Left produced by Global Witness the bank was accused of supporting the seven largest Malaysian timber conglomerates which are responsible for deforestation in the Malaysian state of Sarawak 230 The bank declined to divulge its clients citing client confidentiality but maintains that the accusations are not accurate 231 The environmentalist group Greenpeace has also alleged that the bank is contributing to the deforestation in Indonesia and subsequent hazardous impacts in the region by providing funds to palm oil producers for new plantations The bank has denied these claims citing its sustainability policy that prohibits the bank from financing projects that damage high conservation value forest 232 Money laundering policies 2014 Edit The bank was reported to have refused large cash withdrawals for customers without a third party letter confirming what the money would be used for 233 Douglas Carswell the Conservative MP for Clacton was alarmed by the policy All these regulations which have been imposed on banks allow enormous interpretation It basically infantilises the customer In a sense your money becomes pocket money and the bank becomes your parent 233 Payments processing failures 2015 Edit In August 2015 the bank failed to process BACS payments resulting in thousands of salaries not paid house purchase and payment for essential home care failures 234 Spam phone calls 2020 Edit In January 2020 HSBC agreed to pay a 2 4 million settlement for a lawsuit filed in 2015 by customers who stated they received spam phone calls from the company 235 Racism report 2021 Edit HSBC banker Ian Clarke alleged a failure of HSBC to retain or promote black and other ethnic minority staff a lack of such people in senior positions and insufficient policies to address these problems HSBC did not address the specifics of Clarke s assertions and he resigned shortly thereafter 236 237 Climate change 2022 Edit Stuart Kirk the bank s global head of responsible investing was suspended in May due to his speech in which he said There s always some nut job telling me about the end of the world He quit his position in July criticising the cancel culture in his Linkedin post and blaming it for his suspension and resignation 238 In October the company had its two advertisements banned due to being misleading about the company s activities for reducing the effects of climate change The Advertising Standards Authority ASA who was behind the ban stated that the posters omitted material information about how HSBC planned to tackle the climate change and reduce its impact 239 Logo Edit Logo used from 1998 to 2018 Logo used from 2018 to present The group announced in November 1998 that the HSBC brand and the hexagon symbol would be adopted as the unified brand in all the markets where HSBC operates with the aim of enhancing recognition of the group and its values by customers shareholders and staff throughout the world The hexagon symbol was originally adopted by the Hongkong and Shanghai Banking Corporation as its logo in 1983 It was developed from the bank s house flag a white rectangle divided diagonally to produce a red hourglass shape Like many other Hong Kong company flags that originated in the 19th century and because of its founder s nationality the design was based on the cross of Saint Andrew The logo was designed by Austrian graphic artist Henry Steiner 240 In 2018 HSBC made minor changes to their logo The wordmark was repositioned from left to the right resized to be smaller and was switched from Serif to a licensed custom font called Univers Next for HSBC The logo red was made slightly darker red 241 Sponsorships Edit The 2004 Jaguar Racing Formula One car being driven by Mark Webber Having sponsored the Jaguar Racing Formula One team since the days of Stewart Grand Prix HSBC ended its relationship with motorsport after seven years when Red Bull purchased Jaguar Racing from Ford 242 In the mid 2000s HSBC switched its focus to golf taking title sponsorship of several events such as the HSBC World Match Play Championship HSBC Women s World Match Play Championship now defunct WGC HSBC Champions Abu Dhabi HSBC Golf Championship HSBC Women s Champions HSBC Golf Business Forum and HSBC Golf Roots a youth development programme HSBC was named the Official Banking Partner of the Open Championship in a five year deal announced in 2010 243 In October 2010 the International Rugby Board announced that they had concluded a 5 year deal with HSBC which granted them status as the first ever title sponsor of the World Sevens Series Through the accord HSBC is paying more than 100 million for the title naming rights to all the tournaments HSBC opted to sub license the naming rights to all but one of the individual tournaments while retaining its name sponsorship of the overall series and the Hong Kong Sevens 244 The company also sponsors the Hong Kong Rugby Union and the New South Wales Waratahs team in Super Rugby It sponsored British amp Irish Lions during their 2009 tour to South Africa and 2013 tour to Australia 245 HSBC is the official banking partner of the Wimbledon Championships tennis tournament providing banking facilities on site and renaming the junior event as the HSBC Road to Wimbledon National 14 and Under Challenge 246 HSBC s other sponsorships are mainly in the area of education health and the environment In November 2006 HSBC announced a 5 million partnership with SOS Children as part of Future First 247 See also Edit Banks portal London portal Companies portalHSBC lions List of banks in the United Kingdom List of buildings and structures in Hong Kong List of investors in Bernard L Madoff Investment Securities Peking University HSBC Business School Primary dealerReferences Edit a b c HSBC s history HSBC Holdings plc Archived from the original on 31 January 2013 Retrieved 4 September 2010 a b The Hongkong and Shanghai Bank Ordinance Numbers 2 and 5 of 1866 Legislative Council of Hong Kong digitalised by the University of Hong Kong Hongkong University Libraries Retrieved 21 June 2015 a b Consent to Variation of Class Rights signed JM Gray for and on behalf of HSBC Holdings Besloten Vennootschap of the Netherlands reproduced as part of Exhibit Number One in Form 20 F filed by HSBC Holdings PLC with the Securities and Exchanges Commission of the United States of America dated March 20 2006 HSBC Holdings PLC Archived from the original on 22 June 2015 Retrieved 21 June 2015 a b c d e f g h Annual Report 2021 PDF HSBC Retrieved 22 February 2022 UK Ring Fencing HSBC UK Archived 24 June 2018 at the Wayback Machine Accessed on 11 December 2017 The world s 100 largest banks 2022 S amp P Global Market Intelligence Company History of HSBC Holdings plc in Fundinguniverse com Fundinguniverse com Retrieved 20 January 2012 HSBC Group Structure PDF HSBC Holdings plc Archived from the original PDF on 25 July 2012 Retrieved 20 January 2012 Group history 1980 1999 HSBC Holdings plc Archived from the original on 15 August 2010 Retrieved 4 September 2010 Naidu Richa 9 December 2013 HSBC considering listing UK banking arm FT Reuters Archived from the original on 18 October 2015 Retrieved 9 March 2014 HSBC Website About us HSBC Holdings plc Retrieved 6 November 2021 Global 2000 Forbes Retrieved 4 August 2022 a b About HSBC HSBC Holdings plc Archived from the original on 9 March 2011 Retrieved 7 March 2011 NYSE com HSBC Retrieved 7 December 2016 HSBC Bank sees profits plunge as it plans 35 000 job cuts CityAM 18 February 2020 Retrieved 14 June 2020 HSBC Holdings plc Share information Hsbc com Retrieved on 6 December 2013 Gangster Bankers Too Big to Jail How HSBC hooked up with drug traffickers and terrorists And got away with it Archived 16 February 2013 at the Wayback Machine Rolling Stone magazine Matt Taibbi 14 February 2013 HSBC Chinese for making money Le Monde Diplomatique The Hongkong and Shanghai Banking Corporation Limited Ordinance Number 6 of 1929 Chapter 70 1950 amended by L N 333 of 1989 PDF Legislative Council of Hong Kong reproduced and digitalised by the Department of Justice Government of Hongkong Special Administrative Region Retrieved 21 June 2015 MacDonald House attack still strikes home in S pore The Jakarta Post Memorandum of Association of HSBC Holdings PLC dated the 18th January 1956 and received on the 1st January 1959 as amended by Special Resolutions passed on the 20th July 1981 and on the 18th December 1990 Re registration of Memorandum and Articles dated the 24 December 1990 and stamped by Companies House on the 21st December 1998 page 1 note 1 HSBC Holdings PLC reproduced and digitalised by Companies House Retrieved 21 June 2015 dead link Hong Kong has probably lost HSBC s headquarters for good and Beijing is to blame 15 February 2016 Retrieved 14 April 2017 HSBC Buys Bamerindus Brazil Bank For Billion The New York Times 28 March 1997 HSBC UK Business Park Retrieved 18 April 2011 Bank Group to Buy Republic New York The New York Times 11 May 1999 Garfield Andrew 3 April 2000 HSBC leads the way into euro zone with 6 6bn French bank takeover The Independent London Archived from the original on 31 October 2009 HSBC buys insolvent Turkish bank BBC News 20 July 2001 HSBC buys Mexico s biggest retail bank BBC News 21 August 2002 HSBC pays 9bn for credit card group BBC News 14 November 2002 Sir John Bond lays bare HSBC s strategy for gaining ground Thebanker com 14 April 2011 Retrieved 18 April 2011 HSBC hates subprime ft com HSBC HQ Canary Wharf PDF Retrieved 18 April 2011 HSBC acquires Korea fund administrator Asian Investor Retrieved 2 July 2003 Timmons Heather 12 September 2003 HSBC Gets Approval To Acquire Polish Bank The New York Times HSBC buys stake in Chinese bank BBC News 24 June 2004 M amp S faces OFT inquiry into HSBC deal The Independent London 12 September 2004 Dash Eric 5 August 2005 HSBC to Acquire Metris for 1 59 Billion in Cash The New York Times Retrieved 24 March 2012 HSBC closes in on Iraqi bank deal BBC News 2 October 2005 HSBC acquires Banca Nazionale del Lavoro SA from BNP Paribas SA Alacrastore com 28 April 2006 Retrieved 18 April 2011 Treanor Jill 15 December 2007 Taiwan gives HSBC 750m to take on Chinese bank The Guardian London HSBC buys majority stake in IL amp FS arm The Hindu 18 May 2008 Retrieved 14 April 2017 Elyssa Pachico Sinaloa Cartel Bought Narco Plane Via HSBC Bank insightcrime org Retrieved 15 March 2015 HSBC became bank to drug cartels pays big for lapses reuters com 12 December 2012 Archived from the original on 18 October 2015 Retrieved 15 March 2015 a b Mazur Robert 2 January 2013 How Bankers Help Drug Traffickers and Terrorists The New York Times Christie Smythe 3 July 2013 HSBC Judge Approves 1 9B Drug Money Laundering Accord Bloomberg com Retrieved 15 March 2015 Hamilton Jesse HSBC Executive Resigns at Senate Money Laundering Hearing Bloomberg Retrieved 19 January 2013 HSBC To Pay Up To US 112 5 Million For Westpac Sub Custody Operations In Australia And New Zealand Global Custodian Retrieved 27 July 2006 Kennedy Simon 8 February 2007 Sub prime gloom picks up after HSBC warning MarketWatch Retrieved 7 November 2018 Business Timeline Sub prime losses BBC News 19 May 2008 Retrieved 7 November 2018 Jon Menon HSBC to Raise 17 7 Billion as Subprime Cuts Profit Bloomberg L P 2 March 2009 Seib Christine 10 October 2008 HSBC quick to comply with refinancing demands The Times London HSBC bank closes its operations in the U S dead link a b Jon Menon HSBC Rues Household Deal Halts U S Subprime Lending Bloomberg L P 2 March 2009 Neil Hume Quote du jour Stephen Green FT Alphaville 2 March 2009 HSBC has a reputation for telling it as it is With the benefit of hindsight this is an acquisition we wish we had not undertaken HSBC bank closes its operations in the U S dead link Benjamin Scent HSBC seeking to build war chest The Standard 4 March 2009 Benjamin Scent Plunge probe The Standard 10 March 2009 HSBC to close retail banking business in Russia 25 April 2011 Wilson Harry Farrell Sean Aldrick Philip 22 September 2010 HSBC investors against Michael Geoghegan becoming chairman The Daily Telegraph London Archived from the original on 11 January 2022 HSBC chief Michael Geoghegan to quit after failing to get top job NewsCore 24 September 2010 Wilson Harry 23 September 2010 Douglas Flint to be HSBC chairman Michael Geoghegan to leave in radical reshuffle The Daily Telegraph London Archived from the original on 11 January 2022 Great HSBC reshuffle 23 September 2010 Euromoney HSBC significantly cutting staff and operations to save money Story sierraleonetimes com 1 August 2011 Retrieved 21 January 2012 HSBC sheds 30 000 jobs posts surprise profit rise Reuters 1 August 2011 HSBC to Sell 195 Branches to First Niagara for 1 Billion Businessweek 1 August 2011 Retrieved 21 January 2012 Capital One to Buy HSBC Card Unit for 2 6 Billion Premium HSBC provided a credit line used by Best Buy to lend consumers credit on purchases dead link HSBC to Reap 2 4 Billion Gain From Sale of U S Card Division HSBC in insurance sell off Insurance Age 13 September 2011 Retrieved 14 April 2017 HSBC money laundering report Key findings BBC News 11 December 2012 HSBC Exposed U S Financial System to Money Laundering Drug Terrorist Financing Risks United States Senate The Permanent Subcommittee on Investigations 17 July 2012 Retrieved 23 December 2012 HSBC Exposed U S Financial System to Money Laundering Drug Terrorist Financing Risks press release United States Senate The Permanent Subcommittee on Investigations 16 July 2012 Retrieved 22 December 2012 Mollenkamp Carrick 12 December 2012 HSBC became bank to drug cartels pays big for lapses Reuters Archived from the original on 18 October 2015 Retrieved 14 July 2013 Rushe Dominic 11 July 2012 HSBC chief admits bank failed to control money laundering via www theguardian com a b HSBC to pay 1 9 billion U S fine in money laundering case Reuters 11 December 2012 Archived from the original on 12 February 2015 Retrieved 11 December 2012 Too Big to Indict The New York Times 11 December 2012 Retrieved 12 December 2012 Finch Gavin 8 July 2013 HSBC Names Keir Head of HSBC U K Bank Unit Replacing Robertson Bloomberg Swiss Re unit acquiring UK pension business of HSBC Life London Mercury Archived from the original on 14 July 2014 Retrieved 12 June 2014 a b Swiss Leaks Murky Cash Sheltered by Bank Secrecy International Consortium of Investigative Journalists 8 February 2015 Gerard Ryle Will Fitzgibbon Mar Cabra Rigoberto Carvajal Marina Walker Guevara Martha M Hamilton Tom Stites 8 February 2015 Banking Giant HSBC Sheltered Murky Cash Linked to Dictators and Arms Dealers HSBC selling unprofitable Brazil unit to Bradesco for 5 2 billion Reuters 3 August 2015 Archived from the original on 4 August 2015 Retrieved 1 July 2017 Chandramouli 2015 The Brand Trust Report India Study 2015 TRA p 108 ISBN 978 81 920823 8 7 Tom Rollins 7 April 2016 HSBC shuts accounts of Syrians in UK after lobbying for Assad s cousin PanamaPapers Panama Papers show HSBC had links with Rami Makhlouf as Syrian war raged but then began to close ordinary civilian accounts as risks Middle East Eye Retrieved 15 May 2016 British banks handled vast sums of laundered Russian money in The Guardian by Luke Harding Nick Hopkins and Caelainn Barr on 20 March 2017 Global banks handled laundered Russian cash worth hundreds of millions in CNN by Ivana Kottasova on 24 March 2017 Lockett Hudson 12 March 2017 Mark Tucker wastes no time choosing next HSBC chief Financial Times Archived from the original on 10 December 2022 Retrieved 15 October 2017 HSBC appoints John Flint to succeed Stuart Gulliver as Group Chief Executive PDF HSBC 12 October 2017 Retrieved 14 October 2017 Makortoff Kalyeena 5 August 2019 HSBC boss John Flint resigns by mutual agreement The Guardian London Retrieved 20 August 2019 HSBC appoints Noel Quinn permanent chief executive Financial Times 17 March 2020 Archived from the original on 10 December 2022 Retrieved 14 June 2020 Makortoff Kalyeena 18 February 2020 HSBC to cut 35 000 jobs worldwide as profits plunge The Guardian Retrieved 18 February 2020 White Lawrence Cruise Sinead Jessop Simon 9 October 2020 CORRECTED EXCLUSIVE HSBC targets net zero emissions by 2050 earmarks 1 trln green financing Reuters Retrieved 12 October 2020 White Iain Withers Lawrence 20 January 2021 HSBC to axe up to 340 management jobs in UK branch shake up source Reuters Retrieved 20 January 2021 HSBC to Exit Most U S Retail Banking Wall Street Journal 27 May 2021 HSBC shifts focus from west to east as profits dive BBC News 23 February 2021 Retrieved 24 February 2021 HSBC buys AXA Singapore for 575 million to grow in asia wealth Bloomberg com Bloomberg 16 August 2021 Retrieved 30 January 2022 HSBC to buy India s L amp T Investment Management for 425 million Bloomberg Retrieved 30 January 2022 White Lawrence Cruise Sinead Jessop Simon 9 October 2020 CORRECTED EXCLUSIVE HSBC targets net zero emissions by 2050 earmarks 1 trln green financing Reuters Retrieved 12 October 2020 ShareAction HSBC sends shockwaves as it commits to end coal financing published 11 March 2021 accessed 22 July 2021 HSBC HSBC Thermal Coal Phase Out Policy accessed 28 December 2021 a b HSBC installs Communist party committee in Chinese investment bank Financial Times 21 July 2022 Archived from the original on 10 December 2022 Retrieved 22 July 2022 Canada Royal Bank of RBC to strengthen premium Canadian business with agreement to acquire HSBC Canada www newswire ca Retrieved 29 November 2022 Li Selena 4 November 2022 HSBC top shareholder Ping An urges aggressive cost cuts renews spin off push Reuters Retrieved 29 November 2022 Contact us HSBC Retrieved on 12 September 2011 Global HSBC Group Head OfficeHSBC Group Head Office London Address HSBC Holdings plc 8 Canada Square London E14 5HQ Relsbank The Global 2000 Forbes 2 April 2008 The world s biggest banks The Economist 6 July 2006 Retrieved 18 April 2011 Top 1000 World Banks 2014 Western European banks mount a comeback The Banker 30 June 2014 Archived from the original on 20 March 2016 Retrieved 29 November 2022 Hot Brands The Banker 4 March 2008 Fast Facts Archived 3 April 2009 at the Wayback Machine HSBC Website 4 April 2008 Goodway Nick 3 August 2013 HSBC awards market s top audit to PricewaterhouseCoopers The Independent London a b c HSBC s Brexit Price Tag 300 000 to Move Each Bank Job to Paris Bloomberg com 31 July 2017 Retrieved 31 July 2017 Treanor Jill 15 February 2016 HSBC could switch 1 000 banking jobs to France after a Brexit vote The Guardian ISSN 0261 3077 Retrieved 31 July 2017 Treanor Jill 31 July 2017 HSBC chief sounds alarm over financial regulation and Brexit The Guardian ISSN 0261 3077 Retrieved 31 July 2017 Simplified Structure Chart Principal entities as of 1 July 2018 PDF 1 July 2018 Davies Paul J 13 March 2012 HSBC to scale back Asian operations Financial Times Archived from the original on 10 December 2022 Retrieved 22 September 2019 Financial Times Thursday 21 April 2016 p 17 HSBC to wind down its operations in Brunei 5 April 2016 Archived from the original on 10 April 2016 HSBC Group has taken the decision to restructure its global Islamic banking business and will no longer offer Shari ah compliant products and services HSBC Bank Bangladesh Islamic Banking HSBC Bank Bangladesh a wholly owned subsidiary of HSBC Group Retrieved 1 December 2019 HSBC Group has announced that it will focus its Islamic Finance offering on customers in Malaysia and Saudi Arabia HSBC Bank Bangladesh Amanah Retail Banking HSBC Retrieved 1 December 2019 HSBC Bank International Limited Retrieved 18 April 2011 Commercial Banking HSBC Retrieved 14 April 2017 Appointment of Noel Quinn as CEO of Global Commercial Banking HSBC Press Release 17 December 2015 Retrieved 1 March 2019 About Global Banking and Markets Hsbcnet com Retrieved 18 April 2011 HSBC Annual Review 2012 PDF Retrieved 3 April 2013 Strategy Day PDF Retrieved 21 January 2012 Restructuring HSBC merges WM clients 2 March 2020 Retrieved 2 March 2020 a b HSBC bank to offshore more jobs BBC News 16 March 2005 Hsbc Usa Hsbcdirect com 25 January 2010 Retrieved 18 April 2011 HSBC Canada Hsbcdirect com 25 January 2010 Retrieved 18 April 2011 HSBC Taiwan Hsbcdirect com 25 January 2010 Retrieved 18 April 2011 HSBC South Korea Hsbcdirect com 25 January 2010 Retrieved 18 April 2011 Small Business Banking HSBC DIRECT for business small HSBC Bank India Hsbc co in Retrieved 19 January 2013 HSBC South Korea Hsbcdirect com 25 January 2010 Retrieved 18 April 2011 HSBCnet HSBCnet Retrieved 18 April 2011 HSBC Advance us hsbc com Retrieved 9 March 2021 HSBC Premier HSBC Premier Retrieved 21 January 2012 Worldwide Assistance and Online Premier Banking HSBC co jp Retrieved 10 August 2013 Jade membership HSBC Retrieved 15 December 2018 a b HSBC Leadership Board of Directors hsbc com Retrieved 7 December 2016 Patrick Simon Clark and Margot 17 March 2020 HSBC Appoints Noel Quinn as Permanent CEO The Wall Street Journal ISSN 0099 9660 Retrieved 22 September 2020 a b Lan Rixu 2015 Transformation of China s Modern Banking System Enrich Professional Publishing ISBN 978 1 62320 080 0 Sir William Purves If I had to start again Management Today 1 December 2003 Retrieved 7 November 2022 Sir John leaves HSBC after 45 years The Guardian 27 May 2006 Retrieved 7 November 2022 a b HSBC chairman Stephen Green to be trade minister The Guardian 7 September 2010 Retrieved 7 November 2022 HSBC chairman Douglas Flint recalls the good the bad and the scandalous 5 May 2017 Retrieved 7 November 2022 HSBC chairman returns from exile to offer some home truths Herald Scotland 4 November 1993 Retrieved 7 November 2022 Sir John Bond Loughborough University 2000 Retrieved 7 November 2022 Former HSBC chief Sir Keith Whitson joins hiring row The Telegraph 12 September 2010 Retrieved 10 September 2016 HSBC chief Mike Geoghegan ousted after brutal boardroom battle The Guardian 23 September 2010 Retrieved 7 November 2022 Breakingviews Gulliver exits HSBC with nearly full scorecard Reuters 20 February 2018 Retrieved 7 November 2022 HSBC boss John Flint resigns by mutual agreement The Guardian 5 August 2019 Retrieved 7 November 2022 a b c d HSBC Too big to jail CNNMoney James O Toole 12 December 2012 U S Vulnerabilities to Money Laundering Drugs and Terrorist Financing HSBC Case History PDF file Carl Levin Chair Tom Coburn Ranking Minority 17 July 2012 Hearing See especially page 3 8 in PDF British Bank Fined for Money Laundering in Argentina www occrp org Retrieved 3 October 2021 Will get to bottom of HSBC staff violating safety norms Govt on money laundering allegations The Times of India 19 July 2012 Archived from the original on 26 January 2013 Sanyal Prasad 9 November 2012 Arvind Kejriwal targets HSBC Mukesh Ambani over black money NDTV Retrieved 9 November 2012 Standard Chartered HSBC officials caught on camera offering to launder money CNN IBN amp Cobrapost Syed Masroor Hasan Rohit Khanna updated 18 June 2013 Bowers Simon 9 November 2012 HSBC Jersey accounts investigated by UK tax authorities Guardian London Archived from the original on 26 September 2014 Retrieved 24 February 2020 AFIP denounces HSBC with money laundering tax evasion Buenos Aires Herald 18 March 2013 HSBC faces new money laundering claims in Argentina BBC 18 March 2013 Argentina HSBC helped launder money evade taxes CBS News Associated Press New York 18 March 2013 a b Terrorists and drug lords targeted HSBC bosses admit The Independent UK Simon English 6 February 2013 HSBC Hires Tax Anti Terror Chiefs for Controls Panel Bloomberg Howard Mustoe 30 January 2013 HSBC pays out 28m over money laundering claims The Guardian 4 June 2015 Retrieved 14 April 2017 South African central bank fines HSBC for lax money laundering controls Reuters 9 November 2018 Retrieved 3 October 2021 Ryan senior business correspondent Peter 8 April 2020 HSBC flags potential anti money laundering law breaches ABC News Retrieved 3 October 2021 HSBC reports potential money laundering breaches in Australia Reuters 8 April 2020 Retrieved 3 October 2021 HSBC faces questions over disclosure of alleged money laundering to monitors the Guardian 28 July 2021 Retrieved 3 October 2021 Money laundering ring pushed 4billion through HSBC The Bureau of Investigative Journalism en GB Retrieved 3 October 2021 Withers Iain 17 December 2021 HSBC fined 85 mln for UK anti money laundering failings Reuters via www reuters com U S Vulnerabilities to Money Laundering Drugs and Terrorist Financing HSBC Case History Report United States Senate 17 July 2012 pp 113 188 Retrieved 7 February 2016 Hamilton Jesse Voreacos David 23 July 2012 HSBC Executive Resigns at Senate Money Laundering Hearing Bloomberg Business Retrieved 7 February 2016 An outside audit by Deloitte LLP showed that 25 000 transactions totaling more than 19 4 billion involved Iran according to the report Of those as many as 90 percent passed through the bank s U S accounts with no disclosure of ties to Iran the report shows Senate investigators documented similar transactions from a list of other prohibited jurisdictions including North Korea Cuba Sudan and Burma Peston Robert 11 December 2012 HSBC to pay 1 9bn in US money laundering penalties BBC News Business Retrieved 7 February 2016 The Senate report also said HSBC regularly circumvented restrictions on dealings with Iran North Korea and other states subject to US sanctions a b Mollenkamp Carrick Wolf Brett 11 December 2012 HSBC to pay record 1 9 billion fine in U S money laundering case The Globe and Mail Toronto Retrieved 14 July 2013 Dart Tom 11 February 2016 The Guardian Families of Americans killed by Mexican cartels sue HSBC for laundering billions Retrieved 5 June 2016 The Untold Story Of What Really Happened After HSBC El Chapo s Bank Promised To Get Clean BuzzFeed News Retrieved 24 February 2021 HSBC moved vast sums of dirty money after paying record laundering fine ICIJ 21 September 2020 Retrieved 24 February 2021 Here Is How Banks Have Responded To The FinCEN Files Investigation BuzzFeed News Retrieved 24 February 2021 CFTC Orders Five Banks to Pay over 1 4 Billion in Penalties for Attempted Manipulation of Foreign Exchange Benchmark Rates Commodities Futures trading Commission 12 November 2014 Retrieved 13 November 2014 HSBC JP Morgan and Credit Agricole fined 485m by EU The Guardian 7 December 2016 Retrieved 23 September 2017 Barclays UBS HSBC Agree To 36M Settlement In Libor Suit Law 360 7 June 2017 Retrieved 23 September 2017 Switzerland Fines Credit Agricole HSBC 7 2M Over Euribor Competition Policy International 27 October 2020 Retrieved 24 February 2021 HSBC faces charges of fraud and money laundering from Belgian state the Guardian 17 November 2014 Retrieved 24 February 2021 HSBC s private banking arm accused of tax fraud by Belgium BBC News 17 November 2014 Retrieved 24 February 2021 Guarascio Francesco 6 August 2019 HSBC agrees to 300 mln euro settlement of Belgian tax fraud case prosecutors Reuters Retrieved 24 February 2021 HSBC to repay Belgium 336m for lost tax revenue www aljazeera com Retrieved 24 February 2021 Daily Telegraph s Peter Oborne urges HSBC coverage review BBC News 18 February 2015 Retrieved 18 February 2015 Oborne Peter 17 February 2015 Why I have resigned from the Telegraph Retrieved 17 February 2015 Reuters Staff 14 November 2017 HSBC pays 300 million euros to settle investigation of Swiss bank Reuters Retrieved 24 February 2021 Ex HSBC Swiss Banker Pleads Guilty in 1 8 Billion French Tax Case ICIJ 7 August 2019 Retrieved 24 February 2021 HSBC To Pay 192m Penalty For Helping Americans Evade Taxes ICIJ 11 December 2019 Retrieved 24 February 2021 Miller John 11 December 2019 HSBC Swiss unit to pay 192 million in latest U S tax evasion deal Reuters Retrieved 24 February 2021 a b Neate Rupert Treanor Jill 20 July 2016 FBI arrests senior HSBC banker accused of rigging multibillion dollar deal the Guardian Retrieved 21 July 2016 a b Mali Meghashyam 20 July 2016 Feds charge HSBC bankers in currency scheme Retrieved 21 July 2016 Pierson Brendan 13 September 2019 U S court upholds ex HSBC executive s conviction for foreign exchange scheme Reuters Retrieved 24 February 2021 Former HSBC Executive Convicted of Fraud for Front Running Wall Street Journal 23 October 2017 Retrieved 26 October 2017 Hurtado Patricia Nguyen Lananh 26 April 2018 Ex HSBC FX Trader Sentenced to 2 Years Sent Directly to Prison Bloomberg News Ex HSBC Trader Denied Supreme Court Appeal of Fraud Conviction Bloomberg com 2 November 2020 Retrieved 24 February 2021 Ex HSBC Banker Can t Skip Prison But Wins Vaccine Delay Law360 www law360 com Retrieved 24 February 2021 S Jonathan Stempel Sangameswaran 18 January 2018 HSBC to pay 100 million to settle U S probe into currency rigging Reuters Retrieved 24 February 2021 HSBC Holdings Plc Agrees to Pay More Than 100 Million to Resolve Fraud Charges www justice gov 18 January 2018 Retrieved 24 February 2021 Elbit Investor Relations FAQ phx corporate ir net Retrieved 31 December 2018 Citing human rights HSBC to divest from Israeli arms developer Elbit Arab Israeli Conflict Jerusalem Post www jpost com Retrieved 31 December 2018 PRESS RELEASE Banking giant HSBC divests from Israeli arms manufacturer following pressure from human rights campaigners Palestine Solidarity Campaign 27 December 2018 Retrieved 31 December 2018 Julian Hana Levi Not So Fast HSBC Bank May Not Be Boycotting Israel After All The Jewish Press Retrieved 31 December 2018 Bad banking Opinion Jerusalem Post www jpost com Retrieved 1 January 2019 HSBC Agrees To Pay 765 Million In Connection With Its Sale Of Residential Mortgage Backed Securities www justice gov 9 October 2018 Retrieved 24 February 2021 Maidenberg Micah 10 October 2018 HSBC to Pay 765 Million to Settle Mortgage Backed Securities Probe The Wall Street Journal ISSN 0099 9660 Retrieved 24 February 2021 Team Trefis DoJ Lets HSBC Off The Hook With 765 Million Settlement Of Legacy Mortgage Issue Forbes Retrieved 24 February 2021 Reuters Staff 9 October 2018 HSBC to pay 765 million to settle U S mortgage securities mis selling claim Reuters Retrieved 24 February 2021 a b Wilson Harry 3 June 2020 HSBC StanChart Defy U K to Endorse Hong Kong Security Law Bloomberg Retrieved 4 June 2020 Chatterjee Sumeet 3 June 2020 HSBC and Standard Chartered back China s imposition of security law on Hong Kong The Globe and Mail Toronto Retrieved 4 June 2020 a b McGregor Grady 3 June 2020 How HSBC got stuck between Beijing s new Hong Kong law and a hard place Fortune Retrieved 4 June 2020 a b HSBC and StanChart back China security laws for HK BBC News 4 June 2020 Retrieved 4 June 2020 Gopalan Nisha 4 June 2020 HSBC Is Navigating Dangerous Waters on Hong Kong Bloomberg Retrieved 4 June 2020 Raab hits out at HSBC over its support for Hong Kong security laws CityAM 15 June 2020 Retrieved 15 June 2020 Hong Kong police raid church hours after pastor said HSBC froze accounts the Guardian 8 December 2020 Retrieved 8 December 2020 Roantree Susan Heavey Lawrence White Anne Marie 26 August 2020 U S slams HSBC over treatment of Hong Kong customers says China bullying UK Reuters Retrieved 8 December 2020 HSBC boss defends decision to freeze accounts of fugitive ex lawmaker Ted Hui South China Morning Post 27 January 2021 Retrieved 24 February 2021 HSBC CEO defends working with Chinese authorities in Hong Kong POLITICO 26 January 2021 Retrieved 24 February 2021 Reuters Staff 8 February 2021 Lawmakers challenge HSBC on Hong Kong activist s accounts Reuters Retrieved 16 February 2021 HSBC urged to unfreeze accounts of Hong Kong activist the Guardian 8 February 2021 Retrieved 16 February 2021 Chee Foo Yun 2 December 2021 EU fines HSBC Credit Suisse others over Sterling Lads forex cartel Reuters via www reuters com Kowsmann Patricia 2 December 2021 HSBC Credit Suisse Others Fined for Sterling Lads Currency Cartel Wall Street Journal via www wsj com Bowers Simon 8 April 2008 HSBC loses disk with policy details of 370 000 customers The Guardian London HSBC fined 3m for careless handling of customer details The Guardian 22 July 2009 Retrieved 15 June 2020 How a National Security Investigation of Huawei Set Off an International Incident The New York Times 14 December 2018 Retrieved 14 December 2018 HSBC and Goldman Sachs held 335m of Libyan state oil money Global Witness Revealed Where Libya invests 3bn BBC News 25 May 2011 Retrieved on 6 December 2013 New leaked document reveals HSBC held 1 4bn of Libyan funds Global Witness Retrieved on 6 December 2013 In the Future There Will Be No Forests Left PDF Global Witness 2 November 2012 Retrieved 12 November 2012 Log tale A new investigation accuses HSBC of ignoring its own sustainability policies The Economist 3 November 2012 Retrieved 12 November 2012 HSBC funding destruction of vast areas of Indonesian rainforest new report claims The Independent Retrieved 4 October 2018 a b HSBC imposes restrictions on large cash withdrawals BBC News 24 January 2014 Retrieved 9 March 2014 HSBC glitch payments all processed BBC News 29 August 2015 HSBC Bank pays 2 4 million to settle class action over spam calls www consumeraffairs com 6 January 2020 Retrieved 24 February 2021 EXCLUSIVE Banker behind report alleging HSBC racism resigns over lack of support Reuters 9 August 2021 HSBC banker who quit over racism report says efforts to hire more Black leaders failing Reuters 18 August 2021 HSBC banker quits after nut job climate speech BBC News 7 July 2022 Retrieved 8 July 2022 HSBC climate change adverts banned by UK watchdog BBC News 19 October 2022 Retrieved 19 October 2022 HSBC Logo FamousLogos net Retrieved 24 January 2012 We ve changed our look HSBC HSBC Archived from the original on 2 September 2018 Retrieved 2 September 2018 Jaguar and HSBC strike up a new deal Crash 10 July 2001 Retrieved 14 April 2017 HSBC Named Official Banking Partner of the Open SponsorPitch 15 October 2010 Retrieved 12 November 2010 Who we are HSBC Holdings plc HSBC 2013 British Lions Shirt Launched 29 October 2012 Archived from the original on 1 November 2012 Retrieved 29 October 2012 Official Suppliers wimbledon org Retrieved 12 November 2010 HSBC and SOS Children s Villages partnership Soschildrensvillages org uk 8 October 2005 Retrieved 18 April 2011 External links Edit Wikimedia Commons has media related to HSBC Official website Business data for HSBC Holdings plc SEC filings HSBC companies grouped at OpenCorporates Retrieved from https en wikipedia org w index php title HSBC amp oldid 1129227119, wikipedia, wiki, book, books, library,

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