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Hsbc Holdings Plc

HSBC Holdings plc (HSBC) is a British-based multinational bank and financial services organization. It has operations in 67 countries across the Americas, Europe, Asia, and Africa. As of December 31, 2[2], it was the world's largest bank by total assets ($2.53 trillion).[3] HSBC is listed on the London and Hong Kong Stock Exchanges, with secondary listings on the New York, Paris, and Bermuda stock exchanges.

HSBC serves more than 40 million customers through four global businesses: Retail Banking and Wealth Management (RBWM), Commercial Banking, Global Banking and Markets, and Global Private Banking. Among its services are consumer, business, and institutional banking; wealth management; commercial banking; and investment banking [4]. The businesses operate in Europe, Asia, Africa, and Latin America, with the U.S. dollar serving as the report's functional currency [1].

HSBC Holdings plc, the parent company, was established in 1991 and is based in London, England. Its largest shareholder, Ping An Insurance, has a 17% stake [5]. Other significant shareholders include BlackRock, Vanguard, Norges Bank, Legal & General, Standard Life, and Aberdeen Asset Management [6]. HSBC Holdings plc has been accused of money laundering and safety violations, as well as violating U.S. sanctions in Cuba, Iran, and other countries.

HSBC Holdings plc, incorporated in England and Wales, began trading on the NYSE under the ticker symbol "HSBC" in 1999 [7] [8] [9]. HSBC USA Inc., the company's American depositaries, are listed on the NYSE under the ticker symbol "HSBC." [10] In 2012, the corporation was embroiled in a scandal when it was accused of concealing the origins of $881 million in drug money from Mexican and Colombian officials [11] [12].