HSBC CEO Noel Quinn is retiring after a five-year tenure, marked by a small drop in quarterly profits. The London-based bank is searching for a successor while Quinn remains in post until a replacement is found. During his term, Quinn focused on asset sales to emphasize growth in China, including selling operations in France, Canada, and Argentina. Despite a 1.8% decline in profits, HSBC reported $12.7bn in pre-tax profits for the first quarter of 2024, higher than anticipated. The bank also disclosed plans for a $3bn share buyback.
Noel Paul Quinn (born 13 January 1962) is a British banking businessman who has been the chief executive (CEO) of HSBC since March 2020, having succeeded John Flint. He initially assumed the role on an interim basis in August 2019.
HSBC, Europe's largest lender with a focus on Asia, reported a pre-tax profit of $30.3bn in 2023, a 78% increase from the previous year, attributed partly to higher interest rates. However, challenges in its main growth market, China, such as a real estate debt crisis and reduced demand in manufacturing, impacted its bottom line. Despite missing analyst expectations, HSBC raised its bonus pool, announced a $2bn share buyback, and planned total dividends of $0.61 per share for 2023, with a potential special dividend in the first half of 2024 after selling its Canadian business.
HSBC experienced its largest share sell-off since the pandemic due to a multi-billion-pound writedown in China, leading to a £10 billion decrease in value despite reporting a 78% surge in annual pre-tax profits to £24 billion. The writedown was related to the value of its stake in China's Bank of Communications and the sale of its retail banking operations in France. HSBC's CEO remains positive on China's potential and the UK market prospects. Citigroup's CEO also saw a significant pay raise despite a 40% drop in profits and significant restructuring.
John Michael Flint (born 1968) is a British banking businessman, who was chief executive (CEO) of HSBC Group from February 2018, having succeeded Stuart Gulliver. After serving for about 18 months, Flint announced on 5 August 2019 that he would be stepping down from the position, after a mutual agreement with the board. He is the chief executive of the UK Infrastructure Bank.
HSBC Holdings plc (Chinese: 滙豐), originally The Hongkong and Shanghai Banking Corporation, and known locally as HongkongBank in Hong Kong, Canada and Australia during the early 1980s to late 1990s, is a British universal bank and financial services group headquartered in London, England, with business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).HSBC traces its origin to a hong trading house in British Hong Kong. The bank was established in 1865 in Hong Kong and opened branches in Shanghai in the same year. It was first formally incorporated in 1866. In 1991, the present parent legal entity, HSBC Holdings plc, was established in London and the historic Hong-Kong-based bank from whose initials the group took its name became that entity's fully-owned subsidiary. The next year (1992), HSBC took over Midland Bank and thus became one of the largest domestic banks in the United Kingdom.HSBC has offices, branches and subsidiaries in 62 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 39 million customers. As of 2023, it was ranked no. 20 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value. HSBC has a dual 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 been implicated in a number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation to major criminal organizations such as the Sinaloa cartel) or setting up large scale tax avoidance schemes.
Banking giant HSBC is selling off its business in Argentina to Grupo Financiero Galicia for $550 million, incurring a $1 billion loss due to the country's high inflation rate and volatile exchange rate. HSBC Argentina, with over 100 branches and 3,100 employees, has been a part of HSBC since 1997. The sale is part of HSBC's strategy to focus on faster-growing Asian markets, with recent divestments in Canada, the US, and France.
HSBC Trinkaus & Burkhardt AG, operating as HSBC Deutschland, is a German financial services company. It traces its history back to 1785 and is one of the longest-established members of the HSBC Group. HSBC in Germany has operations in private, commercial and investment banking and asset management. HSBC has announced it would transfer ownership of HSBC Trinkhaus from UK-based HSBC Bank plc to Paris-based HSBC Continental Europe then to convert it into a branch of HSBC Continental Europe by end-2023.In addition to its head office in Düsseldorf, the bank has branches in Baden-Baden, Berlin, Dortmund, Frankfurt, Hamburg, Hanover, Cologne, Mannheim, Munich, Nuremberg, Stuttgart and Vienna, Austria.
HSBC Bank USA, National Association, an American subsidiary of the British banking group HSBC, is a bank with its operational head office in New York City and its nominal head office in McLean, Virginia (as designated on its charter). HSBC Bank USA, N.A. is a national bank chartered under the National Bank Act, and thus is regulated by the Office of the Comptroller of the Currency (OCC), a part of the U.S. Department of the Treasury. The company has 22 branch locations.
HSBC UK Bank plc is a British multinational banking and financial services organisation based in Birmingham, England. It is a wholly owned subsidiary of the global HSBC banking and financial group, which has been headquartered in London since 1993. The UK headquarters of HSBC is located at One Centenary Square in Birmingham. HSBC UK Bank plc is one of the four major clearing banks in the United Kingdom. The business ranges from the traditional high street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking. Across all brands the bank operates some 1800 sites in the UK.HSBC UK Bank plc is the only one of Britain's big five banks to hold more deposits than loans (loan:deposit ratio of 90%). This has led to the bank being seen as a less risky proposition than the other banks by investors and customers, as it is able to fully fund its own operations. This also contributed to the company's share price maintaining value throughout the credit crunch, unlike other banks in the market.
HSBC Main Building is a headquarters building of The Hongkong and Shanghai Banking Corporation, which is today a wholly owned subsidiary of London-based HSBC Holdings. It is located on the southern side of Statue Square near the location of the old City Hall, Hong Kong (built in 1869, demolished in 1933). The previous HSBC building was built in 1935 and pulled down to make way for the current building. The address remains as 1 Queen's Road Central (the north facing side of the building was served by Des Voeux Road Central, which was the seashore, making Queen's Road the main entrance, in contrast to the current primary access coming from Des Voeux Road).
The Hongkong and Shanghai Banking Corporation Limited (Chinese: 香港上海滙豐銀行有限公司), commonly known as HSBC and formerly known as HongkongBank (Chinese: 滙豐; Cantonese Yale: Wuihfūng; styled Wayfoong by the bank), is the Hong Kong-based Asia-Pacific subsidiary of the HSBC banking group, for which it was the parent entity until 1991. The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.The Hongkong and Shanghai Bank was established in British Hong Kong in 1865 and was incorporated as The Hongkong and Shanghai Banking Corporation in 1866, and has been based in Hong Kong (although now as a subsidiary) ever since. It is the founding member of the HSBC group of banks and companies, and, since 1990, is the namesake and one of the leading subsidiaries of the London-based HSBC Holdings PLC. The company's business ranges from the traditional High Street roles of retail banking, commercial banking, corporate banking to investment banking, private banking and global banking.
The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) or HSBC Bank India, is incorporated in Hong Kong SAR with limited liability. It is a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI). As per the data available with the Ministry of Company Affairs (MCA), the Indian branch is registered under the number F00947 and is incorporated in India since 1 January 1983. The registered office is at Mumbai, India.[1]
HSBC Bank may refer to any one of the following principal local banks or divisions of the HSBC Group:
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