HSBC Holdings plc is a British multinational universal bank
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 HSBC headquarters at Canary Wharf, London | |
| Type | Public limited company |
|---|---|
| Industry | Financial services |
| Founded |
|
| Founder | Sir Thomas Sutherland (for The Hongkong and Shanghai Banking Corporation branch) |
| Headquarters | 8 Canada Square London, England, UK |
Area served | Worldwide |
Key people | Mark Tucker (Group Chairman) Noel Quinn (Group Chief Executive) |
| Products | Asset 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 |
| Website | www.hsbc.com |
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 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[edit]
Origins to 2000[edit]
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]
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