HSBC Holdings plc, a British multinational bank and financial services company, is headquartered in London but maintains a global presence, particularly in East Asia. As of December 2023, HSBC boasts the title of Europe's largest bank by assets, surpassing BNP Paribas with a staggering US$2.919 trillion. The bank's influence extends further with a substantial US$10.8 trillion in assets under custody and US$4.9 trillion in assets under administration in 2021.
1921: Expansion in Bangkok
HSBC's expansion efforts continued in 1921 with the construction of a new building in Bangkok, signifying the bank's growing influence in Southeast Asia.
1922: Expansion in Manila
Further solidifying its presence in Southeast Asia, HSBC expanded its operations in 1922 with the establishment of a new building in Manila, Philippines.
1923: Expansion in Shanghai
In 1923, HSBC expanded its presence in Shanghai with the construction of a new building, further solidifying its position in one of Asia's most important financial hubs.
1935: New Head Office in Hong Kong
In 1935, HSBC unveiled its new head office building in Hong Kong, a testament to its growth and enduring commitment to the region.
1941: Closure of the Shanghai Stock Exchange
HSBC's shares were among the 13 securities initially traded on the Shanghai Stock Exchange. This trading continued until 1941 when the exchange was closed by the Japanese during wartime.
1947: HSBC Enters Brunei
HSBC expanded its presence into Brunei in 1947.
1953: Michael Turner as Chief Manager
Michael Turner assumed the role of chief manager in 1953, embarking on a journey to diversify HSBC's business portfolio and expand its operations.
1955: Establishment of The Hong Kong and Shanghai Banking Corporation of California
Continuing its international expansion, HSBC established The Hong Kong and Shanghai Banking Corporation of California in 1955, marking its foray into the American banking landscape.
1962: End of Turner's Tenure and Appointment of Jake Saunders
Michael Turner's tenure as chief manager concluded in 1962, leaving behind a legacy of expansion and diversification. Jake Saunders succeeded Turner in the same year, taking the helm of the financial institution.
1964: Executive Chairmanship
In 1964, HSBC underwent a significant leadership transition as the position of Chief Managership was replaced by an Executive Chairmanship, marking a new era in the bank's governance structure.
1983: Hongkong and Shanghai Banking Corporation Adopts Hexagon Logo
In 1983, the Hongkong and Shanghai Banking Corporation adopted the hexagon symbol as its official logo. This distinctive symbol was derived from the bank's house flag, a white rectangle divided diagonally to form a red hourglass shape. The design, like many other Hong Kong company flags originating in the 19th century, drew inspiration from the cross of Saint Andrew, reflecting the founder's nationality. Austrian graphic artist Henry Steiner is credited with designing this iconic logo.
1986: New Headquarters in Hong Kong
HSBC's new headquarters building in Hong Kong, designed by the renowned architect Sir Norman Foster, was completed in 1986. This architectural marvel was celebrated as one of the most expensive and technologically advanced buildings worldwide at that time, with a construction cost of HK$5.3 billion.
October 1989: Registered as a Regulated Bank
On October 6, 1989, HSBC achieved a significant milestone in its journey by officially registering as a regulated bank under the authority of the Banking Commissioner of the Government of Hong Kong.
March 1991: Transformation into Parent Holding Company
Originally incorporated in England and Wales as a non-trading, dormant shelf company, HSBC Holdings plc underwent a significant transformation on March 25, 1991. It became the parent holding company of The Hongkong and Shanghai Banking Corporation Limited, which transitioned into a subsidiary. This strategic move was in preparation for the acquisition of the UK-based Midland Bank and the upcoming transfer of sovereignty of Hong Kong to China.
1991: HSBC Introduces Group Chief Executive Role
In 1991, HSBC established the position of Group Chief Executive. This new role differed from the previous position of chief executive of The Hongkong and Shanghai Banking Corporation, which remained a distinct role.
1991: Establishment of HSBC Holdings plc
In 1991, marking a pivotal moment in HSBC's history, the current parent legal entity, HSBC Holdings plc, was established in London. The historic Hong Kong-based bank, from which the group's initials originated, transitioned into a fully-owned subsidiary of this newly formed entity.
1991: HSBC Establishes Group Chairman Position
In a significant restructuring move in 1991, HSBC created the position of Group Chairman. This new role differed from the existing Chairman of The Hongkong and Shanghai Banking Corporation, which was maintained as a separate position.
1992: Acquisition of Midland Bank
HSBC's acquisition of Midland Bank in 1992 marked a strategic move that cemented its position as one of the largest domestic banks in the United Kingdom, significantly expanding its market presence.
1992: Completion of Midland Bank Acquisition
In 1992, HSBC Holdings plc successfully finalized the acquisition of Midland Bank, solidifying its presence in the United Kingdom and granting it a considerable share of the UK banking market.
1993: HSBC Relocates Headquarters to London
In 1993, HSBC moved its headquarters to London. Despite this relocation, Hong Kong remained a significant market for the bank.
1993: Relocation of World Headquarters
As a stipulation of the acquisition agreement for Midland Bank, HSBC Holdings plc was mandated to relocate its global headquarters from Hong Kong to London in 1993. This relocation marked a significant shift in the bank's operational structure and global presence.
March 1997: Acquisition of Banco Bamerindus
In March 1997, HSBC embarked on a significant expansion into the South American market with the acquisition of Banco Bamerindus in Brazil for a substantial sum of $1 billion.
May 1997: Acquisition of Roberts SA de Inversiones
Further strengthening its foothold in South America, HSBC acquired Roberts SA de Inversiones, a prominent financial institution in Argentina, for $600 million in May 1997.
November 1998: HSBC Adopts Unified Brand and Hexagon Symbol
In November 1998, HSBC announced the adoption of a unified brand identity across all its operational markets. This decision aimed to enhance the group's recognition and reinforce its values among customers, shareholders, and staff worldwide. The bank chose to use the HSBC brand and the hexagon symbol, which had been the logo of the Hongkong and Shanghai Banking Corporation since 1983.
May 1999: Acquisition of Republic National Bank of New York
HSBC made a strategic move to bolster its presence in the United States by acquiring Republic National Bank of New York in May 1999 for a considerable $10.3 billion.
April 2000: Acquisition of Crédit Commercial de France
In a strategic move to expand into Continental Europe, HSBC successfully acquired Crédit Commercial de France in April 2000 for a substantial £6.6 billion. This acquisition of a major French bank marked a significant step in HSBC's European expansion strategy.
2000: Peter Braunwalder Becomes Head of HSBC Swiss
Peter Braunwalder became the head of HSBC Swiss in 2000, a position he held until 2008.
July 2001: Acquisition of Demirbank
In July 2001, HSBC acquired Demirbank, a Turkish bank facing insolvency. This strategic move demonstrated HSBC's willingness to navigate challenging financial landscapes and expand its presence in emerging markets.
July 2002: Acquisition of Arthur Andersen's Tax Practice
Expanding its services and expertise, HSBC USA, Inc., through its newly formed subsidiary Wealth and Tax Advisory Services USA Inc. (WTAS), acquired a portion of Arthur Andersen's tax practice in July 2002. This strategic move aimed to cater to the wealth and tax advisory needs of high-net-worth individuals through the newly established HSBC Private Client Services Group.
August 2002: Acquisition of Grupo Financiero Bital
HSBC further solidified its presence in the Mexican market in August 2002 by acquiring Grupo Financiero Bital, SA de CV, the third-largest retail bank in Mexico at that time. The acquisition, valued at $1.1 billion, highlighted HSBC's strategic focus on expanding its global reach and capturing a significant share of the Mexican banking sector.
November 2002: Acquisition of Household Finance Corporation
In November 2002, under John Bond's chairmanship, HSBC made a significant move in the US financial market by acquiring Household Finance Corporation (HFC) for £9 billion (US$15.5 billion). HFC, a major player in credit card issuance and subprime lending, was rebranded as HSBC Finance and became the second-largest subprime lender in the United States. This acquisition, while initially deemed significant, later faced criticism and legal challenges related to lending practices.
April 2003: New Headquarters in London
HSBC Holdings inaugurated its new headquarters at 8 Canada Square in London in April 2003, marking a significant milestone in the bank's global presence and its commitment to the UK as its operational base.
July 2003: Acquisition of Asset Management Technology
In July 2003, HSBC strengthened its presence in the South Korean financial market by acquiring an 82.19% stake in Asset Management Technology (AM TeK) for $12.47 million in cash. AM TeK, the leading fund administrator in South Korea at the time, managed $24 billion in assets, making it a valuable addition to HSBC's portfolio.
September 2003: Acquisition of Polski Kredyt Bank SA
Expanding its footprint in Central Europe, HSBC acquired Polski Kredyt Bank SA, a prominent Polish bank, in September 2003 for $7.8 million. This strategic acquisition highlighted HSBC's commitment to expanding its global reach and capitalizing on growth opportunities in emerging markets.
2003: Recognition by The Banker
HSBC's acquisition of Household Finance Corporation in 2002 garnered significant attention in the financial world, with The Banker magazine featuring it as a cover story in 2003. The publication highlighted the magnitude of the deal, suggesting that banking historians might view it as the most significant deal of the 21st century's first decade.
2003: US Regulators Order HSBC to Improve Anti-Money Laundering Practices
In 2003, US regulators ordered HSBC to enhance its anti-money laundering practices, marking the first instance of such regulatory action against the bank.
June 2004: Expansion into China
In June 2004, HSBC made a strategic move into the Chinese market by acquiring a 19.9% stake in the Bank of Communications of Shanghai, a significant player in China's rapidly growing financial sector. This acquisition marked a crucial step in HSBC's expansion strategy, allowing it to tap into the vast potential of the Chinese market.
December 2004: Acquisition of Marks & Spencer Retail Financial Services Holdings Ltd
Strengthening its position in the UK financial market, HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million in December 2004. This strategic acquisition provided HSBC with access to a substantial customer base and expanded its retail banking operations in the UK.
March 2005: HSBC COO Alan Jebson Outlines Offshoring Strategy
In March 2005, HSBC's chief operating officer, Alan Jebson, discussed the bank's cost-saving measures, which included offshoring processing work to lower-cost economies. Jebson stated that he would be "very surprised" if the bank had fewer than 25,000 people working in these centers within the next three years.
November 2005: HSBC Launches HSBC Direct in the USA
In November 2005, HSBC launched HSBC Direct in the United States. This telephone/online direct banking operation, modeled after HSBC's UK subsidiary 'First Direct,' aimed to attract customers with its mortgage, account, and savings offerings.
2005: Money Laundering Allegations
In 2005, Bloomberg Markets magazine published a report accusing HSBC of engaging in money laundering activities for drug traffickers and state sponsors of terrorism. Stephen Green, the CEO at the time, vehemently denied the allegations, deeming them irresponsible and unfounded. However, subsequent investigations revealed the accuracy of the report, uncovering HSBC's involvement in money laundering for the Sinaloa Cartel and other criminal entities in Mexico, leading to significant legal repercussions and reputational damage for the bank.
2005: US Expansion and Acquisitions
HSBC continued its expansion in the United States in 2005 with the acquisition of Metris Inc, a credit card issuer, for $1.6 billion in August, and a 70.1% stake in Dar es Salaam Investment Bank of Iraq in October, further diversifying its portfolio and global reach.
2005: HSBC Begins Mis-Selling Mortgage-Backed Securities
According to a settlement reached in 2018, HSBC began mis-selling residential mortgage-backed securities in 2005.
April 2006: Acquisition of Banca Nazionale del Lavoro Branches in Argentina
Expanding its presence in the Argentine banking sector, HSBC acquired 90 branches of Banca Nazionale del Lavoro in Argentina in April 2006 for $155 million. This strategic move aimed to capitalize on growth opportunities in the region and strengthen HSBC's retail banking network.
July 2006: Acquisition of Westpac's Sub-custody Operations
In July 2006, HSBC solidified its position as a leading sub-custody and clearing entity in Australia and New Zealand by acquiring the equivalent operations from Westpac for $112.5 million.
November 2006: HSBC Announces Partnership with SOS Children
In November 2006, HSBC announced a significant partnership with SOS Children, a global organization dedicated to supporting orphaned and abandoned children. This $5 million partnership, part of HSBC's Future First initiative, underscored the bank's commitment to social responsibility and improving the lives of children in need.
2006: HSBC Fails to Conduct AML for Bulk Cash Transactions
From mid-2006 to mid-2009, HSBC's US subsidiary (HBUS) failed to conduct any anti-money laundering (AML) checks on $15 billion in bulk cash transactions from HSBC affiliates.
October 2007: HSBC Demonstrates Financial Strength Amidst UK Banking Crisis
In October 2007, amidst a UK banking crisis, HSBC showcased its financial resilience by swiftly transferring £750 million to London in response to HM Treasury's capital increase requirements and by providing £4 billion in loans to other struggling UK banks.
December 2007: Acquisition of The Chinese Bank in Taiwan
In December 2007, HSBC expanded its presence in Taiwan with the acquisition of The Chinese Bank, a significant player in the Taiwanese financial market. This acquisition allowed HSBC to tap into the growing Taiwanese economy and expand its customer base in the region.
2007: HSBC Records Losses Due to Subprime Mortgage Crisis
In 2007, HSBC became one of the first major banks to publicly acknowledge the impact of the unfolding subprime mortgage crisis, reporting a $10.5 billion writedown on its subprime-related mortgage securities.
2007: HSBC Account Records Leaked
In 2007, HSBC account records were leaked by whistleblower Hervé Falciani.
2007: HSBC Continues Mis-Selling Mortgage-Backed Securities
HSBC continued to mis-sell residential mortgage-backed securities until 2007, as per a settlement reached in 2018.
May 2008: Acquisition of IL&FS Investment
In May 2008, HSBC made a foray into the Indian retail broking market by acquiring IL&FS Investment, a prominent Indian retail broking firm. This strategic move aimed to capitalize on the growth potential of the Indian financial market and expand HSBC's service offerings in the region.
2008: HSBC Reports US$9.3 Billion Profit
In 2008, HSBC announced a profit of US$9.3 billion.
2008: HSBC Fails to Report Suspicious Transactions in Argentina
In 2008, HSBC failed to report suspicious transactions in Argentina, a lapse that would later result in a significant fine from Argentine authorities.
2008: HSBC Fined for Data Protection Breach
In 2008, HSBC publicly announced the loss of a disc containing sensitive information of 370,000 life insurance customers. This incident, along with other data protection failures, resulted in a significant fine of over £3 million by the Financial Services Authority.
2008: HSBC Mexico CEO Warned About Money Laundering Concerns
In 2008, the CEO of HSBC Mexico was alerted about recordings obtained by Mexican law enforcement in which a Mexican drug lord claimed HSBC Mexico was a suitable institution for money laundering.
2008: Peter Braunwalder Steps Down as Head of HSBC Swiss
Peter Braunwalder stepped down as the head of HSBC Swiss in 2008.
March 2009: HSBC Announces Profit and Rights Issue, Impacts Hong Kong Stock Market
In March 2009, HSBC announced a profit of US$9.3 billion for 2008 and a rights issue of £12.5 billion to support the acquisition of struggling banks. However, uncertainty surrounding the rights issue's impact on institutional investors led to volatility in the Hong Kong stock market, resulting in a 24.14% drop in HSBC's share price on March 9, 2009.
March 2009: HSBC Shuts Down HSBC Finance Branch Network in the US
In March 2009, HSBC announced the closure of its HSBC Finance branch network in the United States, resulting in approximately 6,000 job losses. This decision came as a result of the subprime mortgage crisis and its impact on the company's acquisitions in the US market, which Chairman Stephen Green admitted was a mistake.
September 2009: HSBC Direct Launches Business Direct in Poland
HSBC Direct expanded its services in September 2009 with the launch of Business Direct in Poland.
2009: HSBC Sponsors British & Irish Lions Tour to South Africa
HSBC extended its support to rugby by sponsoring the British & Irish Lions during their 2009 tour to South Africa. This sponsorship highlighted HSBC's commitment to promoting the sport.
2009: HSBC's AML Failures Extend to Wire Transfers
By 2009, HSBC's failure to monitor transactions for money laundering risks extended to $60 trillion in annual wire transfers by customers in countries HBUS rated as lower risk.
September 2010: HSBC Appoints New CEO and Chairman
In September 2010, Michael Geoghegan stepped down as CEO of HSBC and was succeeded by Stuart Gulliver. Douglas Flint, the former finance director, took over as chairman from Stephen Green.
October 2010: HSBC Becomes Title Sponsor of World Rugby Sevens Series
In a groundbreaking move in October 2010, the International Rugby Board announced a five-year agreement with HSBC, making them the first-ever title sponsor of the prestigious World Rugby Sevens Series. This landmark deal involved HSBC paying over $100 million for the exclusive title naming rights to all tournaments within the series.
October 2010: US Regulators Order HSBC to Strengthen Anti-Money Laundering Practices
The United States Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order in October 2010, requiring HSBC to bolster various aspects of its Anti-Money Laundering (AML) program. The order followed the identification of several shortcomings, including a substantial backlog of suspicious activity alerts, failure to file timely Suspicious Activity Reports (SARs) with US law enforcement, and inadequate AML staffing and resources.
2010: HSBC Faces Succession Planning Challenges
In 2010, HSBC experienced internal disagreements regarding its leadership succession plan. Stephen Green, the then-chairman, planned to leave for a government position, and while the tradition was to promote the CEO, Michael Geoghegan, to chairman, shareholders advocated for an external candidate, causing tension and concern among investors.
2010: HSBC Becomes 'Official Banking Partner' of The Open Championship
In 2010, HSBC secured a five-year deal with The Open Championship, becoming the tournament's 'Official Banking Partner'. This partnership highlighted HSBC's growing involvement in the world of golf.
2010: HSBC's Involvement in Waked Family Money Laundering Revealed
The FinCEN Files, released in 2016, revealed that HSBC had processed $292 million for Viva Panama, a company owned by the Waked Family, between 2010 and 2016, even though the U.S. Treasury later designated it as a drug money-laundering organization.
April 2011: HSBC Scales Back Operations in Russia
On April 25, 2011, HSBC decided to close its retail banking operations in Russia and reduce its private banking services to a representative office.
August 2011: HSBC Sells US Branches and Credit Card Business, Reduces US Presence
In August 2011, HSBC initiated a series of divestitures in the US to streamline its operations. This included selling 195 branches in New York and Connecticut to First Niagara Financial Group Inc. and other institutions for approximately $1 billion, closing 13 branches in Connecticut and New Jersey, and selling its US credit card business to Capital One Financial Corp. for $2.6 billion, resulting in a $2.4 billion profit for HSBC.
August 2011: HSBC Announces Job Cuts and Market Exits as Part of Global Restructuring
In August 2011, HSBC revealed plans to cut 25,000 jobs and withdraw from 20 countries by 2013 as part of a global restructuring effort to reduce costs by $3.5 billion over two years. This move, in addition to 5,000 job cuts announced earlier in the year, aimed to streamline HSBC's consumer banking division and focus on key markets such as the UK, Hong Kong, and high-growth regions.
2011: HSBC Rebrands Personal Financial Services to Retail Banking and Wealth Management
During HSBC's 2011 Investor Day, the bank announced it was renaming its Personal Financial Services (PFS) division to Retail Banking and Wealth Management (RBWM).
2011: HSBC Reports $16.8 Billion Profit
In 2011, HSBC reported a profit of $16.8 billion, according to a CNNMoney article published in December 2012.
July 2012: India Investigates HSBC for Alleged Safety Compliance Violations
India launched an investigation into HSBC in July 2012 over alleged violations of safety compliance, with suspicions of involvement by Indian employees.
July 2012: US Senate Committee Report Exposes HSBC's Money Laundering and Sanctions Violations
A US Senate committee released a damning report in July 2012, revealing that HSBC had violated money-laundering regulations and aided Iran and North Korea in circumventing US sanctions related to nuclear weapons.
November 2012: HSBC Accused of Setting Up Offshore Accounts for Criminals
Reports surfaced in November 2012 that HSBC had established offshore accounts in Jersey for individuals suspected of drug dealing and other criminal activities. The allegations prompted an investigation by HM Revenue and Customs following a whistleblower's leak of details about £700 million purportedly held in these HSBC accounts.
November 2012: Arvind Kejriwal Alleges HSBC India Used to Hide Black Money
Indian activist and politician Arvind Kejriwal claimed in November 2012 that he possessed information on 700 Indian bank accounts at HSBC in Geneva, allegedly used to conceal black money totaling ₹60 billion (US$750 million).
December 2012: HSBC Receives Record Fine for Money Laundering
In December 2012, HSBC faced a $1.9 billion penalty, the largest ever under the Bank Secrecy Act, for violating U.S. laws. The bank was accused of laundering drug money for international cartels and processing transactions for sanctioned countries like Iran and Sudan.
December 2012: HSBC's $1.9 Billion Fine Compared to its 2011 Profit
In December 2012, a CNNMoney article highlighted that HSBC's $1.9 billion fine was a significant sum, even compared to the bank's $16.8 billion profit in 2011.
December 2012: HSBC Agrees to Record $1.92 Billion Fine in Money Laundering Case
On December 11, 2012, HSBC agreed to pay a record-breaking $1.92 billion fine for its involvement in money laundering activities. The US Department of Justice, however, chose not to pursue criminal charges, a decision that drew criticism. HSBC acknowledged its past failures and expressed regret for its actions.
December 2012: US Government Signals Reluctance to Criminally Prosecute HSBC
In December 2012, Assistant U.S. Attorney General Lanny Breuer indicated that the US government might refrain from pursuing criminal charges against HSBC. Breuer expressed concerns that such a move could lead to the revocation of the bank's US charter and result in significant economic consequences, including job losses.
2012: HSBC Faces US Senate Investigations for Money Laundering Deficiencies
Throughout 2012, HSBC faced scrutiny from the US Senate Permanent Subcommittee on Investigations for serious shortcomings in its anti-money laundering practices, including allegations of facilitating drug money transfers, disregarding terrorist financing connections, and circumventing US safeguards to conduct transactions with sanctioned entities.
2012: HSBC Fined by Argentina for Failure to Report Suspicious Transactions
In 2012, Argentina imposed a $14 million fine on HSBC for failing to report suspicious transactions in the country in 2008.
2012: US Senate Investigators Seek Access to Leaked HSBC Records
In 2012, US Senate investigators attempted to obtain the leaked HSBC account records from Hervé Falciani and French authorities but were unsuccessful in their attempts.
January 2013: Argentine Authorities Raid HSBC Offices Amid Money Laundering Allegations
Argentine authorities initiated search warrants and raids on HSBC offices in January 2013 as part of an investigation into allegations of money laundering and tax evasion.
February 2013: HSBC CEO Admits to Structural Flaws and Unshared Concerns
During his appearance before the UK's Parliamentary Banking Standards Commission in early February 2013, HSBC CEO Stuart Gulliver acknowledged that the bank's structure had been "not fit for purpose." He also confessed that "matters that should have been shared and escalated were not shared and escalated." Additionally, accusations surfaced against HSBC, alleging its involvement in laundering money for terrorist organizations.
March 2013: Argentina Accuses HSBC of Money Laundering and Tax Evasion
Argentina's main taxing authority formally accused HSBC in mid-March 2013 of utilizing fake receipts and dummy accounts to facilitate money laundering and tax evasion, following a series of search warrants and raids that began in January of that year.
May 2013: HSBC Announces Business Refocus and Retrenchment
In May 2013, HSBC's new CEO, Stuart Gulliver, announced a strategic shift, moving away from the 'world's local bank' approach and toward large-scale operational downsizing, particularly in retail banking. The aim was to cut costs by US$3.5 billion by 2013 and reduce overheads from 55% to 48% of revenues.
June 2013: HSBC Officers Caught in Money Laundering Sting
An undercover investigation by an Indian media outlet in June 2013 caught HSBC officers on camera agreeing to launder "black money." HSBC placed the implicated employees on leave pending an internal investigation.
2013: HSBC Sponsors British & Irish Lions Tour to Australia
Continuing its support for rugby, HSBC sponsored the British & Irish Lions once again during their 2013 tour to Australia, demonstrating the bank's ongoing commitment to the sport.
2013: HSBC to Complete Job Cuts and Market Exits
By 2013, HSBC planned to complete 25,000 job cuts and exit from 20 countries as part of a global restructuring.
June 2014: HSBC Life (UK) Sells UK Pensions Business to Swiss Re
HSBC Life (UK) Limited, an indirect wholly-owned subsidiary of HSBC, agreed to sell its UK pensions business to Swiss Re for £4.2 billion in June 2014.
November 2014: HSBC Accused of Tax Fraud and Money Laundering by Belgian Authorities
In November 2014, Belgian prosecutors accused HSBC of tax fraud and money laundering, alleging that the bank had helped hundreds of clients move funds into offshore tax havens.
December 2014: Stuart Scott Leaves HSBC
Stuart Scott, HSBC's European head of foreign exchange trading, left his position at the bank in December 2014.
2014: HSBC Fined for Forex and Libor Scandals
In 2014, HSBC was fined US$275 million by the U.S. Commodity Futures Trading Commission (CFTC) for its role in the Forex scandal. The bank also settled for US$18 million in the related Libor scandal and EUR 33 million for the Euribor rate scandal.
February 2015: Swiss Leaks Expose HSBC's Alleged Role in Tax Evasion
In February 2015, the International Consortium of Investigative Journalists (ICIJ) published information about HSBC's business practices under the title "Swiss Leaks," alleging that the bank facilitated tax evasion for its clients.
February 2015: Swiss Leaks Exposes HSBC's Controversial Business Practices
In February 2015, the International Consortium of Investigative Journalists (ICIJ) published the Swiss Leaks, based on leaked HSBC account data from 2007. The leaks revealed HSBC's involvement in facilitating business dealings for corrupt officials, tax evaders, and other controversial clients.
June 2015: HSBC Fined by Geneva Authorities for Money Laundering
In June 2015, authorities in Geneva imposed a fine of 40 million Swiss Francs on HSBC following an investigation that uncovered money laundering activities within its Swiss subsidiary.
August 2015: HSBC Experiences BACS Payment Processing Failure
In August 2015, HSBC experienced a major operational disruption when its BACS payment processing system failed. This failure resulted in widespread consequences, including thousands of unpaid salaries, disruptions to house purchases, and interruptions in essential home care payments.
August 2015: HSBC Sells Brazilian Unit to Banco Bradesco
After years of underwhelming results, HSBC sold its Brazilian subsidiary to Banco Bradesco for $5.2 billion in August 2015.
December 2015: Noel Quinn Succeeds Simon Cooper as CEO of Commercial Banking
In December 2015, HSBC announced that Noel Quinn would take over as CEO of Commercial Banking from Simon Cooper, who decided to pursue other opportunities.
2015: Customers File Lawsuit Against HSBC for Spam Phone Calls
In 2015, HSBC faced legal action from its customers. Customers filed a lawsuit alleging that the bank had engaged in the practice of making unsolicited spam phone calls to them.
April 2016: HSBC Commences Winding Down Operations in Brunei
In April 2016, HSBC began winding down its operations in Brunei, citing a need to optimize its global network and reduce complexity.
July 2016: HSBC Executives Charged in $3.5 Billion Currency Scheme
In July 2016, the U.S. Department of Justice charged two HSBC Bank executives, Mark Johnson and Stuart Scott, with participating in a $3.5 billion currency scheme that allegedly defrauded HSBC clients and manipulated the foreign exchange market.
2016: HSBC Implicated in Panama Papers Investigation
HSBC was mentioned multiple times in 2016 in connection with the Panama Papers investigation, which revealed the bank's dealings with individuals and entities involved in tax evasion and other financial improprieties.
2016: HSBC Sued by American Families Over Sinaloa Cartel Money Laundering
In 2016, American families who had lost loved ones to organized crime sued HSBC for allegedly laundering money for the Sinaloa cartel.
2016: HSBC Discovers Suspected Money Laundering Network
In 2016, HSBC discovered a suspected money laundering network that had received $4.2 billion worth of payments. This discovery would later come under scrutiny due to HSBC's delayed disclosure to US authorities.
2016: FinCEN Files Expose HSBC's Continued Ties to Criminal Entities
In 2016, the FinCEN Files revealed that HSBC continued to provide services to alleged criminals and corrupt corporations, including the Waked Family company, Viva Panama, even while the bank was under probation in the U.S. for previous money laundering violations.
March 2017: HSBC Implicated in Global Laundromat Scheme
In March 2017, The Guardian reported HSBC's involvement in the Global Laundromat scheme, where numerous banks allegedly laundered KGB-related funds out of Russia. HSBC reportedly processed $545.3 million, primarily through its Hong Kong branch, raising concerns about its awareness and handling of suspicious transactions.
October 2017: HSBC Appoints Mark Tucker as First External Chairman and Announces CEO Succession
In October 2017, HSBC appointed Mark Tucker as its first non-executive and external chairman, succeeding Douglas Flint. Additionally, John Flint, then chief executive of Retail Banking and Wealth Management, was announced as the successor to Stuart Gulliver as Group Chief Executive effective February 2018.
November 2017: HSBC Settles French Investigation into Swiss Leaks for $352 Million
In November 2017, HSBC agreed to pay $352 million to settle a French investigation into the Swiss Leaks scandal.
2017: Mark Johnson Convicted in Currency Scheme Case
Mark Johnson was convicted in 2017 on nine counts of wire fraud and conspiracy to defraud related to his role in a currency scheme while at HSBC.
January 2018: HSBC Fined $101.5 Million in Currency Scheme Case
HSBC agreed to pay a $101.5 million fine in January 2018 to settle charges related to the currency scheme involving its former executives.
February 2018: John Flint Becomes Group Chief Executive of HSBC
In February 2018, as previously announced, John Flint assumed the role of Group Chief Executive at HSBC, succeeding Stuart Gulliver.
July 2018: UK Court Rules Against Extradition of HSBC Executive in Currency Scheme Case
In July 2018, the UK High Court of Justice ruled against extraditing Stuart Scott, a former HSBC executive charged in a $3.5 billion currency scheme, to the United States.
December 2018: HSBC Divests from Israeli Military Contractor Elbit Systems
In December 2018, HSBC confirmed its divestment from Elbit Systems Ltd., Israel's largest non-government-owned military contractor. HSBC stated its commitment to international human rights principles as the reason behind the decision.
2018: HSBC Settles Mortgage-Backed Securities Claims for $765 Million
In 2018, HSBC agreed to a $765 million fine to settle claims that it had mis-sold residential mortgage-backed securities between 2005 and 2007.
2018: HSBC Implements Minor Logo Modifications
In 2018, HSBC made subtle but noticeable changes to its logo. The wordmark, previously positioned on the left, was shifted to the right, scaled down in size, and its font was changed from Serif to a custom-licensed font called Univers Next for HSBC. Additionally, the red color used in the logo was made slightly darker.
2018: South Africa Fines HSBC for Anti-Money Laundering and Terrorism Financing Weaknesses
South Africa's central bank fined HSBC 15 million rand in 2018, citing weaknesses in the bank's processes designed to detect money laundering and terrorism financing. However, the central bank clarified that it found no evidence of HSBC facilitating any transactions linked to these illegal activities within South Africa.
August 2019: John Flint Departs as Group Chief Executive, Noel Quinn Appointed as Interim
John Flint's tenure as Group Chief Executive of HSBC ended in August 2019. Noel Quinn, head of HSBC's global commercial bank, was appointed as interim CEO.
August 2019: HSBC Settles Belgian Tax Fraud and Money Laundering Case for $336 Million
In August 2019, HSBC agreed to pay a $336 million settlement to resolve the case brought against it by Belgian authorities for tax fraud and money laundering.
August 2019: Former HSBC Swiss Head Pleads Guilty to Tax Evasion Charges
In August 2019, Peter Braunwalder, the former head of HSBC Swiss from 2000 to 2008, pleaded guilty in a French court to charges of helping wealthy clients evade taxes on $1.8 billion. He received a $560,000 fine and a one-year suspended jail sentence.
December 2019: HSBC Swiss Fined $192 Million in U.S. for Tax Evasion Scheme
In December 2019, HSBC Swiss agreed to pay a $192 million fine to the United States for its role in a tax evasion scheme.
2019: HSBC Scales Back Amanah Offerings
Following a strategic review of its global Islamic Finance businesses, HSBC stopped offering its Amanah product, a retail banking service compliant with Islamic Shari'ah laws, in Bahrain, Bangladesh, Indonesia, Singapore, and the UAE in 2019. The bank continues to offer Shari'ah-compliant products and services in Malaysia and Saudi Arabia.
January 2020: HSBC Settles Spam Phone Call Lawsuit
In January 2020, HSBC agreed to pay $2.4 million to settle a lawsuit initiated by customers in 2015. The lawsuit alleged that HSBC had subjected its customers to a barrage of unsolicited spam phone calls.
February 2020: HSBC to Cut 35,000 Jobs Globally Following Profit Decline
In February 2020, HSBC announced plans to cut 35,000 jobs worldwide in response to a 33% decrease in corporate profits reported in 2019.
March 2020: Noel Quinn Appointed as Permanent Group Chief Executive of HSBC
Following his interim role, Noel Quinn was appointed as the permanent Group Chief Executive of HSBC in March 2020.
June 2020: HSBC Publicly Supports Beijing's National Security Law for Hong Kong
In a rare move for the bank, HSBC publicly endorsed Beijing's controversial national security law for Hong Kong in June 2020, on the eve of the anniversary of the Tiananmen Square protests.
August 2020: HSBC Freezes Accounts of Pro-democracy Organizations and Individuals
Beginning in August 2020, HSBC took the step of freezing the accounts of various pro-democratic organizations, activists, and their families. This action was taken in response to the political climate in Hong Kong.
October 2020: HSBC Fined $2.2 Million for Euribor Rate Scandal in Switzerland
In October 2020, HSBC was fined approximately $2.2 million in Switzerland for its involvement in the Euribor rate scandal.
October 2020: HSBC Pledges Zero-Emission Goals and Financial Support for Clients' Transition
HSBC committed in October 2020 to achieving zero-emission by 2050. This commitment involves HSBC becoming carbon neutral in its own operations by 2030 and working exclusively with carbon-neutral clients by 2050. HSBC also pledged to provide substantial financial support, ranging from $750 billion to $1 trillion, to assist clients in their transition towards carbon neutrality.
November 2020: Supreme Court Rejects Appeal of HSBC Executive in Currency Scheme Case
In November 2020, the U.S. Supreme Court declined to hear an appeal from Mark Johnson, a former HSBC executive convicted in a currency scheme, upholding his 2017 conviction.
2020: HSBC Flags Potential Breach of Australian Anti-Money Laundering Laws
In 2020, HSBC notified AUSTRAC, Australia's financial intelligence agency, of potential violations of the country's anti-money laundering and counter-terrorism financing laws. The bank admitted to potentially failing to report thousands of transactions to AUSTRAC as required.
2020: HSBC Merges Retail Banking and Wealth Management with Global Private Banking
In 2020, HSBC announced the merger of its Retail Banking and Wealth Management division with its Global Private Banking division, forming a new business unit called Wealth and Personal Banking.
January 2021: HSBC to Close 82 Branches in Britain
In January 2021, HSBC announced the closure of 82 branches across Britain.
January 2021: HSBC CEO Defends Actions in Relation to Hong Kong
In January 2021, the CEO of HSBC appeared before the United Kingdom's parliamentary foreign affairs committee to address concerns. During this appearance, the CEO defended the bank's relationship with Chinese authorities in Hong Kong and explained the decision to freeze Ted Hui's account.
February 2021: International Pressure Mounts on HSBC Regarding Frozen Funds
February 2021 saw growing international pressure on HSBC as more than 50 members of the Inter-Parliamentary Alliance on China called for the immediate unfreezing of funds. These funds belonged to Ted Hui and his family.
February 2021: HSBC Executive Granted Delay in Prison Sentence Due to COVID-19 Vaccine Requirement
In February 2021, a judge ruled that Mark Johnson, a former HSBC executive convicted in a currency scheme, could delay reporting to prison until he was vaccinated against COVID-19.
May 2021: HSBC Announces Exit from US Retail Banking, Focusing on Affluent and High-Net-Worth Clients
HSBC announced its exit from the US retail banking market in May 2021. This involved selling 10 California branches to Cathay Bank, 80 branches to Citizens Financial Group, and closing the remaining branches. The bank stated its intention to shift focus towards banking and wealth management services for globally connected affluent and high-net-worth clients.
May 2021: HSBC Commits to Ending Coal Industry Financing and Publishing a New Policy
HSBC pledged in May 2021 to stop financing the coal industry. As part of this commitment, they announced the development and publication of a new coal policy by the end of 2021, providing further details on their climate strategy.
July 2021: HSBC's Late Disclosure of Suspected Money Laundering Network Raises Concerns
In July 2021, HSBC disclosed its 2016 discovery of a suspected money laundering network that had received $4.2 billion in payments. The delayed revelation raised concerns about whether HSBC had fulfilled its obligation to promptly inform US monitors, especially given that the bank was still under probation by US authorities for previous anti-money laundering violations.
August 2021: HSBC Announces Acquisition of AXA Singapore for $575 Million
HSBC unveiled its plan to acquire AXA Singapore in August 2021 for $575 million. This acquisition, to be executed through HSBC Insurance (Asia-Pacific) Holdings Ltd, an indirect wholly-owned subsidiary, would give HSBC full ownership of AXA Singapore's issued share capital.
December 2021: HSBC Asset Management (India) to Acquire L&T Investment Management for $425 Million
HSBC Asset Management (India) Private Ltd, an indirect wholly-owned subsidiary of HSBC, announced its intention to acquire L&T Investment Management from L&T Finance Holdings for $425 million in December 2021.
December 2021: HSBC Publishes "Thermal Coal Phase-Out Policy"
In December 2021, HSBC released its "Thermal Coal Phase-Out Policy," outlining its strategy for ending its support for the coal industry.
December 2021: HSBC Receives Hefty Fine for Anti-Money Laundering Failures
British regulators imposed a £64 million (US$85 million) fine on HSBC in December 2021 for failings in its anti-money laundering processes over an eight-year period. This substantial penalty highlighted the seriousness of HSBC's compliance shortcomings.
2021: Assets Under Custody and Administration
In 2021, HSBC reached significant milestones in asset management, boasting $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).
June 2022: HSBC Plans Sale of Russian Business to Expobank
In June 2022, HSBC revealed its intention to sell its business operations in Russia. Pending Russian government approval, the sale, with an expected closing in the first half of 2024, was projected to result in a $300 million loss for HSBC. Russian Expobank emerged as a potential buyer.
July 2022: HSBC Establishes Chinese Communist Party Committee in Chinese Investment Banking Subsidiary
HSBC became the first foreign lender in July 2022 to establish a Chinese Communist Party (CCP) committee within its Chinese investment banking subsidiary, HSBC Qianhai Securities, a joint venture with 90% ownership by HSBC.
November 2022: HSBC Announces Plans to Exit Canadian Market with Sale to Royal Bank of Canada
HSBC announced in November 2022 its plans to exit the Canadian market by selling 100% of HSBC Canada's common shares to Royal Bank of Canada for $13.5 billion in cash. The transaction, representing 9.4 times HSBC Canada's estimated 2024 earnings, is expected to be finalized by late 2023, subject to regulatory approvals. This move aligns with HSBC's strategy to reduce costs and divest from non-Asian businesses.
February 2023: HSBC Reports Profit Increase, Announces Branch Closures, and Faces Criticism
HSBC reported in February 2023 a near doubling of profits for the last quarter of 2022 compared to the same period in the previous year. Despite this, the bank experienced a decline in pre-tax profit due to expenses associated with selling its French retail banking operations. HSBC also announced the closure of 114 branches in the UK, citing the growing popularity of online banking since the pandemic and the reduced need for physical branches. However, this decision faced criticism from Unite.
May 2023: HSBC Rejects Proposal to Spin Off Asia Business
In May 2023, HSBC successfully opposed a proposal, supported by its largest stakeholder, Chinese insurer Ping An, to explore the spin-off of its Asia business into a separate entity listed in Hong Kong.
May 2023: HSBC's Quarterly Profit Surges 212% Amid Global Interest Rate Hikes
In May 2023, HSBC Holdings announced a 212% surge in its quarterly profit, attributed to the global increase in interest rates.
June 2023: HSBC Announces Plans to Relocate Headquarters to the City of London
HSBC, with its current world headquarters at 8 Canada Square in Canary Wharf, London, revealed plans in June 2023 to move its headquarters upon the lease expiration in 2027. The bank expressed its intention to relocate to a building in the City of London near St Paul's Cathedral.
December 2023: Financial Position
As of December 2023, HSBC held the title of the largest Europe-based bank by total assets, surpassing BNP Paribas, with a staggering US$2.919 trillion in assets.
December 2023: HSBC Asset Management to Acquire Silkroad Property Partners
In December 2023, HSBC Asset Management announced the acquisition of Silkroad Property Partners, a Singapore-based investment manager. The deal will encompass SilkRoad Property Partners Pte Ltd and its subsidiaries in Hong Kong, Shanghai, and Tokyo, as well as the five general partner entities linked to its active funds. Though the financial details remain undisclosed, this acquisition will bolster HSBC's real estate fund management capabilities in the region, adding an estimated $2 billion in assets under management and a seasoned team with a strong track record in major regional cities.
2023: Parliamentary Report Criticizes HSBC's Complicity in Human Rights Abuses
In 2023, an All-party parliamentary group released a report focusing on HSBC's operations in Hong Kong. The report concluded that HSBC was complicit in human rights abuses by stopping pension payments to individuals who left Hong Kong due to the anti-democratic crackdown. The report led to significant criticism, with the group's chair, Alistair Carmichael, stating that the bank had been "complicit in the repression of the human rights of innocent Hong Kongers".
2023: Global Ranking and Listings
In 2023, HSBC secured the 20th position in the Forbes rankings of the world's largest companies, evaluated based on sales, profits, assets, and market value. The bank boasts a dual primary listing on both the Hong Kong Stock Exchange and the London Stock Exchange, and is a constituent of the Hang Seng Index and the FTSE 100 Index. Additionally, HSBC holds secondary listings on the New York Stock Exchange and the Bermuda Stock Exchange.
February 2024: Russian President Approves HSBC's Sale of Russian Business to Expobank
The President of Russia granted approval in February 2024 for the transaction involving HSBC selling its Russian business to Expobank.
April 2024: HSBC to Sell Argentina Business to Galicia for $550 Million
On April 9, 2024, HSBC announced the sale of its Argentina operations to Galicia for $550 million. Although awaiting government approval, HSBC expects the deal to be finalized by the end of the year.
2024: HSBC Shareholder Distribution
As of early 2024, the distribution of HSBC shares indicated that approximately 44% were held by individual investors (the general public) while institutions held the remaining 56%. The identities of the largest shareholders at that time were publicly available information.
2024: HSBC and Hong Kong Association of Banks to Phase Out Checks, Transition to Electronic Payments
As part of the Hong Kong Association of Banks, HSBC started developing a plan in 2024 to eliminate the use of checks in Hong Kong and fully transition to electronic payments. This decision follows a report from Hong Kong Interbank Clearing indicating a 13% year-on-year decline in check transactions, totaling HK$488.6 billion (US$62.5 billion) in December.
2024: HSBC Philippines Introduces "Omni Collect" for Streamlined Payment Management
HSBC Philippines launched "Omni Collect" in 2024, a service allowing businesses to connect to HSBC's single API for managing payments across multiple channels. Art Tanseco, the bank's Head, explained that this service facilitates various online and offline payment options for customers and provides transaction data through HSBCnet, HSBC's global digital platform.
2024: HSBC to Launch International Payments App, Competing with Revolut and Wise
HSBC announced in 2024 the launch of an international payments app, aiming to compete with established players like Revolut and Wise. The app will target retail customers and provide low-cost currency exchange services.