Editing HSBC (section)

==History==

=== Foundation ===
[[File:Wardley House Hong Kong.jpg|thumb|Wardley House on the Hong Kong [[Praya]] (waterfront), where the bank had leased its first Hong Kong office in 1865]]
[[File:First Generation of HSBC Building on the Bund.jpg|thumb|Former Shanghai Club building on No. 12 [[The Bund|Bund, Shanghai]], purchased by HSBC in 1874 and its Shanghai head office until reconstruction in the early 1920s]]
[[File:香港第一代滙豐總行大廈 德輔道中 皇后大道中 1st Generation of Hong Kong HSBC Building, Des Voeus Road, Queen's Road,1865.png|thumb|The bank's first purpose-built head office building in Hong Kong (center right), designed by [[Clement Palmer]] and completed in 1886 on the former Wardley House location]]
[[File:AL-135 Highfill Album Image (15342031965) (cropped).jpg|thumb|The same building (center right) following the [[Praya Reclamation Scheme]] and creation of [[Statue Square]]]]
[[File:HKBank1890.jpg|thumb|Rear façade of the 1886 building on [[Queen's Road, Hong Kong|Queen's Road]], photographed in 1890]]
[[File:Tcitp d123 interior of hongkong and shanghai bank.jpg|thumb|HSBC Hong Kong [[banking hall]] in 1908]]

After the British established Hong Kong as a [[crown colony]] in the aftermath of the [[First Opium War]], merchants from other parts of the British Empire, now in Hong Kong, felt the need for a bank to finance the growing trade, through Hong Kong and sometimes also through Shanghai, between China and [[British Raj|India]], the rest of the [[British Empire]] and Europe, of goods, produces and merchandises of all kinds, but especially [[opium]], cultivated in or transited (re-exported) through ''the Raj''.<ref>[http://www.hoovers.com/globaluk/sample/co/history.xhtml?ID=ffffcrksftxxchrftc Profile: HSBC Holdings plc, Hoovers]</ref><ref>{{Cite web|url=https://www.grandprix.com/gpe/spon-022.html|title=Latest Formula 1 Breaking News - Grandprix.com|website=www.grandprix.com}}</ref>

The founder, [[Thomas Sutherland (banker)|Thomas Sutherland]] of [[P&O]], wanted a bank operating on "sound Scottish banking principles". Still, the original location of the bank was considered crucial and the founders chose [[Bank Street (Hong Kong)#Wardley Street|Wardley House]] in Hong Kong since the construction was based on some of the best [[feng shui]] in [[colonial Hong Kong]].<ref name="Lim">{{Citation |last = Lim |first = Patricia |year=2002 |title = Discovering Hong Hong's Cultural Heritage |location=Hong Kong |publisher=[[Oxford University Press]]|isbn = 0-19-592723-0 }}.</ref>

After raising a capital stock of HK$5&nbsp;million, the bank commenced operations on 3 March 1865. It opened a branch in [[Shanghai International Settlement|Shanghai]] in April of that year and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong as '''The Hongkong and Shanghai Banking Corporation''' by ''the Hongkong and Shanghai Bank Ordinance'' (Numbers 2 and 5 of 1866),<ref>Hoare, Jim. Pares, Susan. ''A Political And Economic Dictionary of East Asia''. [[Routledge]], 2005. {{ISBN|978-1-85743-258-9}}</ref> and a branch in [[Japan]] was also established in [[Yokohama]] in 1866.<ref name=Grouphistorylast/><ref>{{cite web|url=http://www.about.hsbc.co.jp/hsbc-in-japan|title=About HSBC (HSBC in Japan)|access-date=22 June 2015|publisher=The Hongkong and Shanghai Banking Corporation Limited of Hong Kong, Japan Branch (Tokyo)}}</ref> Shares of the bank were one of 13 securities initially traded on the [[Shanghai Stock Exchange]], and were traded on that exchange until [[Shanghai International Settlement#Japanese occupy the International Settlement (1941)|the Japanese closed the exchange in 1941]].<ref>{{cite web|url=https://som.yale.edu/faculty-research/our-centers-initiatives/international-center-finance/data/historical-financial-research-data/shanghai-stock-exchange-project|title=Shanghai Stock Exchange Project|date=30 July 2013|access-date=1 July 2018|publisher=[[Yale School of Management]]}}</ref>

===Business development===
[[File:9 Gracechurch Street (geograph 2514445).jpg|thumb|First purpose-built HSBC London office on [[Gracechurch Street]] (1913, designed by William Campbell-Jones), replacing leased offices at 31 Lombard Street; maintained by HSBC until relocation to [[99 Bishopsgate]] in 1976,<ref>{{cite web |website=Claxity |title=Hongkong and Shanghai Banking Co. |date=15 February 2021 |url=https://claxity.com/hongkong-and-shanghai-banking-co/ }}</ref> and later converted into a [[Club Quarters]] hotel and [[Wetherspoons]] [[pub]]]]
[[File:The Crosse Keys (interior) 20201103 160645 (50563442416).jpg|thumb|The former HSBC [[banking hall]] in the Gracechurch Street building, converted as the ''Crosse Keys'' pub]]
[[File:上海外滩汇丰银行大楼2021.jpg|thumb|[[HSBC Building, the Bund|HSBC Building on the Bund]], the bank's Shanghai headquarters from 1923 to 1955, photographed in 2021]]
[[File:HSBC 1936.jpg|thumb|HSBC Hong Kong head office in 1936 after reconstruction]]

[[Sir Thomas Jackson, 1st Baronet|Sir Thomas Jackson]] became chief manager in 1876. During his twenty-six-year tenure, the bank became a leader in Asia. A period of expansion followed, with new buildings constructed in [[Bangkok]] (1921), [[Manila]] (1922) and [[Shanghai]] (1923), and a new head office building in Hong Kong in 1935. Bank note issuance displaced other forms of the era and of the region, such as silver [[tael]]s, due to political and economic instability. HSBC gained significant influence as a result.<ref>{{Cite book |last=Horesh |first=Niv |url=https://www.worldcat.org/oclc/587626534 |title=Shanghai's Bund and beyond : British banks, banknote Issuance, and monetary policy in China, 1842-1937 |date=2009 |publisher=Yale University Press |isbn=978-0-300-14362-1 |location=New Haven |oclc=587626534}}</ref>

===International expansion===
[[File:After the Bishopsgate Bomb of 1993 - geograph.org.uk - 653979.jpg|thumb|Tower at [[99 Bishopsgate]], HSBC's main London office from 1976 to 1993 and occupied by the bank until its move to [[Canary Wharf]] in 2002-2003]]
[[File:HK HSBC Main Building 2008.jpg|thumb|[[HSBC Main Building, Hong Kong]], designed by [[Norman Foster (architect)|Norman Foster]] and completed in 1985 on the same location as the 1886 and 1936 predecessors]]

[[Michael Turner (banker)|Michael Turner]] became chief manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired [[HSBC Bank Middle East|The British Bank of the Middle East]] and the [[Mercantile Bank of India, London and China|Mercantile Bank]] (based in India) in Aug 1959. Turner was succeeded in 1962 by [[Jake Saunders]]. In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship.<ref>{{cite book| first=Maurice| last=Collis| title=Wayfoong: The Hongkong and Shanghai Banking Corporation| publisher=Faber and Faber| location=London| year=1965| oclc=2865302| page=251}}</ref>

During the [[Konfrontasi]] period in the 1960s, a group of Indonesian forces [[MacDonald House bombing|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. Three people were killed, 33 injured, and the two Indonesian military officers responsible for the bombing were tried and executed.<ref>{{Cite web|url=https://www.thejakartapost.com/news/2014/02/13/macdonald-house-attack-still-strikes-home-spore.html|title=MacDonald House attack still strikes home in S'pore|website=The Jakarta Post}}</ref>

The present building in Hong Kong was designed by [[Norman Foster, Baron Foster of Thames Bank|Sir Norman Foster]] and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$5.3&nbsp;billion.<ref name="Lim" />

===Creation of the HSBC Group===
[[File:Striking new offices on the Thames near London Bridge - geograph.org.uk - 2280747.jpg|thumb|Building at 10 [[Thames Street, London|Lower Thames Street]] in London, completed in 1989, occupied by [[Samuel Montagu & Co.]], then used by HSBC Holdings as global head office from 1993 to relocation to Canary Wharf in 2002–2003; eventually sold by the bank in May 2011<ref>{{cite web |website=Evening Standard |title=HSBC loses £22.6m on HQ sale |author=Ben Laurance and Michael Gillard |date=13 April 2012 |url=https://www.standard.co.uk/hp/front/hsbc-loses-ps22-6m-on-hq-sale-6963282.html }}</ref>]]

On 6 October 1989, it was registered as a regulated bank with the  [[Hong Kong Monetary Authority#History|Banking Commissioner of the Government of Hong Kong]].<ref>{{cite web|url=http://www.legislation.gov.hk/blis_pdf.nsf/CurAllEngDoc/D8C2D918B6855482482575EE0036EC7E/$FILE/CAP_70_e_b5.pdf|title=The Hongkong and Shanghai Banking Corporation Limited Ordinance (Number 6 of 1929) (Chapter 70, 1950)), amended by L.N. 333 of 1989|access-date=21 June 2015|publisher=Legislative Council of Hong Kong (reproduced and digitalised by the Department of Justice, Government of Hongkong Special Administrative Region)}}</ref>

HSBC Holdings plc, originally incorporated in England and Wales,<ref>{{cite web|url=https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/gvHb4DeBPyq_iHzb5lbTglud6aN_4aZV2pmZ_TifGaY/application-pdf?AWSAccessKeyId=ASIAIMEGSGYVHXMEEJTQ&Expires=1434936728&Signature=ofveDkn7iBiuhsNwIJVrgOVy6HU%3D&x-amz-security-token=AQoDYXdzEJn%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEa0APp9I6Xrb12gkHCCrtrtYXkVSFOt5N%2FZwdsgoS%2F6uNxVvbAWz143kGwHMth4qPYupx5lnWmlnGM6yn%2BScZawtTDrIKnMPvWol6PpoIVh93GhmKQgqAPiD2Y7DrtvDH4RcxlwC3N8Bl0Y4VrUU0BPGBWqwyxwpm%2FB3GvHh2I1ze%2F2b5pKy43mGT2J4H2OoZ1A21AI3Jh8SFP7hdFOhcRdM4nuLe%2FUj3arTJlxxe5n5M8i1GwZ7OcfWqG52Xgf0CUI3iYtlkW2N957NMueqyhWmsTPseCzxAaxznFk72GlznDmIb39wbEnM%2F%2F4w%2FIzj8WaJEPgSZnWR3AUTu6B3WoYkcwM8U558XIIxjSzwOZwrGtX0tbbXRN1X8G%2Fc2reUJPLG8mHQANnchvqEsyVUkA2eq%2Fnx5raKDUu9fDMMdUBw%2F10EFLN%2Flkfg9tnTU%2B64L95XA2l2o0Kf6s1l91PzKPbmGbURHB4MXWgXj2jm5neJZf9ncY%2FGon4W2jWYWgkbRfo7PNZE%2BnitOKxgGDpXZHatS7aQF8Pypvtn8K5nrQDxJiC58TYg2yChoO0uU0hBtSbbm%2FSEBDZWsK4fQfXrGjZ64HCe3EWvvqMWmw3yuGOUNIDiCUm52sBQ%3D%3D|title=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|access-date=21 June 2015|publisher=HSBC Holdings PLC (reproduced and digitalised by Companies House)}}{{dead link|date=June 2017}}</ref> was a non-trading, dormant [[shelf company]] when it completed its transformation on 25 March 1991<ref name=takeover /> 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 [[handover of Hong Kong|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 of the bank thereof, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993.<ref>{{cite web|url=https://qz.com/616791/hong-kong-has-probably-lost-hsbcs-headquarters-for-good-and-beijing-is-to-blame/|title=Hong Kong has probably lost HSBC's headquarters for good—and Beijing is to blame|date=15 February 2016 |access-date=14 April 2017}}</ref>

Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1&nbsp;billion in March 1997<ref>{{Cite news | url =https://query.nytimes.com/gst/fullpage.html?res=9504E6D9143AF93BA15750C0A961958260 | work=The New York Times | title=HSBC Buys Bamerindus, Brazil Bank, For Billion | date=28 March 1997}}</ref> and the acquisition of Roberts SA de Inversiones of Argentina for $600&nbsp;million in May 1997.<ref>{{cite web |url=http://www.ukbusinesspark.co.uk/hsbcaaaa.htm |title=HSBC |publisher=UK Business Park |access-date=18 April 2011 |archive-date=20 December 2013 |archive-url=https://web.archive.org/web/20131220085827/http://www.ukbusinesspark.co.uk/hsbcaaaa.htm |url-status=dead }}</ref> In May 1999, HSBC expanded its presence in the United States with the purchase of [[Republic New York|Republic National Bank of New York]] for $10.3&nbsp;billion.<ref>{{Cite news | url =https://query.nytimes.com/gst/fullpage.html?res=9A06EFDC153FF932A25756C0A96F958260 | work=The New York Times | title=Bank Group to Buy Republic New York | date=11 May 1999}}</ref>

===2000 to 2010===

Expansion into [[Continental Europe]] took place in April 2000 with the acquisition of [[Crédit Commercial de France]], a large French bank, for £6.6&nbsp;billion ($8.85 billion).<ref>{{Cite news | url =https://www.independent.co.uk/news/business/news/hsbc-leads-the-way-into-euro-zone-with-pound66bn-french-bank-takeover-719601.html | archive-url =https://web.archive.org/web/20091031061852/http://www.independent.co.uk/news/business/news/hsbc-leads-the-way-into-euro-zone-with-pound66bn-french-bank-takeover-719601.html | url-status =dead | archive-date =31 October 2009 | location=London | work=The Independent | first=Andrew | last=Garfield | title=HSBC leads the way into euro zone with £6.6bn French bank takeover | date=3 April 2000}}</ref> In July 2001 HSBC bought [[Demirbank]], an [[insolvent]] Turkish bank.<ref>{{cite news | url =http://news.bbc.co.uk/1/hi/business/1449170.stm |work=BBC News  | title=HSBC buys insolvent Turkish bank | date=20 July 2001}}</ref> 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&nbsp;billion.<ref>{{cite news | url =http://news.bbc.co.uk/1/hi/business/2207891.stm |work=BBC News | title=HSBC buys Mexico's biggest retail bank | date=21 August 2002}}</ref>

In November 2002, HSBC expanded further in the United States. Under the chairmanship of John Bond, it spent £9&nbsp;billion (US$15.5&nbsp;billion) to acquire [[HSBC Finance|Household Finance Corporation (HFC)]], a US credit card issuer and [[subprime]] lender.<ref>{{Cite news | url =http://news.bbc.co.uk/1/hi/business/2471827.stm |publisher=BBC News | title=HSBC pays £9bn for credit card group | date=14 November 2002}}</ref> 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".<ref>{{cite web|url=http://www.thebanker.com/news/fullstory.php/aid/769/Sir_John_Bond_lays_bare_HSBC%92s_strategy_for_gaining_ground.html |title=Sir John Bond lays bare HSBC's strategy for gaining ground |publisher=Thebanker.com |date=14 April 2011 |access-date=18 April 2011}}</ref> Under the new name of [[HSBC Finance]], the division was the second largest subprime lender in the United States.<ref>{{cite web|url=http://ftalphaville.ft.com/blog/2009/03/02/53071/the-hsbc-philosophy/|title=HSBC hates subprime|work=ft.com}}</ref>

The new headquarters of HSBC Holdings at [[8 Canada Square]], London officially opened in April 2003.<ref>{{cite web |url=http://www.arup.com/_assets/_download/C27CDFAE-FA3D-3093-217B92CB1498B02C.pdf |title=HSBC HQ, Canary Wharf |access-date=18 April 2011 |archive-date=17 May 2013 |archive-url=https://web.archive.org/web/20130517093924/http://www.arup.com/_assets/_download/C27CDFAE-FA3D-3093-217B92CB1498B02C.pdf |url-status=dead }}</ref>

In July 2003, HSBC announced that it had agreed to acquire 82.19% of the Korean fund administrator, Asset Management Technology (AM TeK), for $12.47&nbsp;million in cash; it was the largest fund administrator in South Korea, with $24&nbsp;billion of assets under administration.<ref>{{cite news|url=https://www.asianinvestor.net/article/hsbc-acquires-korea-fund-administrator/30228|title=HSBC acquires Korea fund administrator|publisher=Asian Investor|access-date= 2 July 2003}}</ref> In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8&nbsp;million.<ref>{{Cite news | url =https://query.nytimes.com/gst/fullpage.html?res=9D04E7D7103BF931A2575AC0A9659C8B63 | work=The New York Times | first=Heather | last=Timmons | title=HSBC Gets Approval To Acquire Polish Bank | date=12 September 2003}}</ref> In June 2004 HSBC expanded into China buying 19.9% of the [[Bank of Communications]] of Shanghai.<ref>{{Cite news | url =http://news.bbc.co.uk/1/hi/business/3835585.stm |publisher=BBC News  | title=HSBC 'buys stake in Chinese bank' | date=24 June 2004}}</ref> In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763&nbsp;million in December 2004.<ref>{{Cite news | url =https://www.independent.co.uk/news/business/news/mamps-faces-oft-inquiry-into-hsbc-deal-545850.html | location=London | work=The Independent | title=M&S faces OFT inquiry into HSBC deal | date=12 September 2004}}</ref> Acquisitions in 2005 included Metris Inc, a US credit card issuer for $1.6&nbsp;billion in August<ref>{{cite news|url=https://www.nytimes.com/2005/08/05/business/05card.html |title=HSBC to Acquire Metris for $1.59 Billion in Cash|work=[[The New York Times]]|date=5 August 2005|access-date=24 March 2012|first=Eric|last=Dash}}</ref> and 70.1% of Dar es Salaam Investment Bank of Iraq in October.<ref>{{Cite news | url =http://news.bbc.co.uk/1/hi/business/4302742.stm |publisher=BBC News | title=HSBC closes in on Iraqi bank deal | date=2 October 2005}}</ref> In April 2006, HSBC bought the 90 branches in Argentina of [[Banca Nazionale del Lavoro]] for $155&nbsp;million.<ref>{{cite web |url=http://www.alacrastore.com/storecontent/Thomson_M%26A/HSBC_Holdings_PLCHSBC_acquires_Banca_Nazionale_del_Lavoro_SA_from_BNP_Paribas_SA-1730119040 |title=HSBC acquires Banca Nazionale del Lavoro SA from BNP Paribas SA |publisher=Alacrastore.com |date=28 April 2006 |access-date=18 April 2011 |archive-date=27 February 2021 |archive-url=https://web.archive.org/web/20210227121535/http://www.alacrastore.com/storecontent/Thomson_M%26A/HSBC_Holdings_PLCHSBC_acquires_Banca_Nazionale_del_Lavoro_SA_from_BNP_Paribas_SA-1730119040 |url-status=dead }}</ref> In December 2007 HSBC acquired the Chinese Bank in Taiwan.<ref>{{cite news | url =https://www.theguardian.com/business/2007/dec/15/hsbcholdingsbusiness.banking | location=London | work=The Guardian | first=Jill | last=Treanor | title=Taiwan gives HSBC £750m to take on Chinese bank | date=15 December 2007}}</ref> In May 2008, HSBC acquired [[IL&FS]] Investment, an Indian retail broking firm.<ref>{{cite news|url=http://www.thehindu.com/todays-paper/tp-business/HSBC-buys-majority-stake-in-ILampFS-arm/article15224722.ece|title=HSBC buys majority stake in IL&FS arm|date=18 May 2008|newspaper=The Hindu|access-date=14 April 2017}}</ref> On August 3, 2008, HSBC began its banking operations in Algeria with the opening of a branch in Algiers.<ref>{{Cite web |title=La banque britannique HSBC entre en scène |url=https://algeria-watch.org/?p=16311 |website=algeria-watch}}</ref>

In 2005, Bloomberg Markets magazine accused HSBC of [[money laundering]] for drug dealers and state sponsors of terrorism. Then-CEO [[Stephen Green, Baron Green of Hurstpierpoint|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]].<ref>{{cite web|url=http://www.insightcrime.org/news-briefs/sinaloa-cartel-bought-narco-plane-via-hsbc-bank|title=Sinaloa Cartel Bought Narco Plane Via HSBC Bank|author=Elyssa Pachico|work=insightcrime.org|access-date=15 March 2015}}</ref><ref>{{cite news|url=http://uk.reuters.com/article/2012/12/12/uk-hsbc-probe-idUKBRE8BA05K20121212|title=HSBC became bank to drug cartels, pays big for lapses|work=reuters.com|access-date=15 March 2015|date=12 December 2012|archive-date=18 October 2015|archive-url=https://web.archive.org/web/20151018070535/http://uk.reuters.com/article/2012/12/12/uk-hsbc-probe-idUKBRE8BA05K20121212|url-status=dead}}</ref><ref name="Mazur">{{cite news| url=https://www.nytimes.com/2013/01/03/opinion/how-bankers-help-drug-traffickers-and-terrorists.html?_r=0 | work=The New York Times | first=Robert | last=Mazur | title=How Bankers Help Drug Traffickers and Terrorists | date=2 January 2013}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/articles/2013-07-02/hsbc-judge-approves-1-9b-drug-money-laundering-accord|title=HSBC Judge Approves $1.9B Drug-Money Laundering Accord|author=Christie Smythe|work=Bloomberg.com|access-date=15 March 2015|date=3 July 2013}}</ref><ref>{{cite news|last=Hamilton |first=Jesse |url=https://www.bloomberg.com/news/2012-07-16/hsbc-aided-money-laundering-by-iran-drug-cartels-probe-shows.html |title=HSBC Executive Resigns at Senate Money-Laundering Hearing |publisher=Bloomberg |access-date=19 January 2013}}</ref>

In July 2006, HSBC announced that it would acquire [[Westpac]]'s sub-custody operations in Australia and New Zealand for $112.5&nbsp;million, making HSBC the leading sub-custody and clearing player in Australia and New Zealand.<ref>{{cite news|url=https://www.globalcustodian.com/hsbc-to-pay-up-to-us112-5-million-for-westpac-sub-custody-operations-in-australia-and-new-zealand/|title=HSBC To Pay Up To US$112.5 Million For Westpac Sub-Custody Operations In Australia And New Zealand|publisher=Global Custodian|access-date= 27 July 2006}}</ref>

In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $10.5&nbsp;billion, becoming the first major bank to report its losses due to the unfolding [[subprime mortgage crisis]].<ref>{{cite web|last=Kennedy |first=Simon |url=https://www.marketwatch.com/story/hsbcs-warning-highlights-gloom-for-sub-prime-lenders |title=Sub-prime gloom picks up after HSBC warning |publisher=MarketWatch |date=8 February 2007 |access-date=7 November 2018}}</ref><ref>{{cite web|url=http://news.bbc.co.uk/2/hi/business/7096845.stm |title=Business &#124; Timeline: Sub-prime losses |publisher=BBC News |date=19 May 2008 |access-date=7 November 2018}}</ref>

According to [[Bloomberg News|Bloomberg]], "HSBC is one of world's strongest banks by some measures".<ref>Jon Menon '[https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGiiBHDGHLHY HSBC to Raise $17.7 Billion as Subprime Cuts Profit]', [[Bloomberg L.P.]], 2 March 2009</ref> When [[HM Treasury]] required all UK banks to increase their capital in October 2007, the group transferred £750&nbsp;million ($1.006 billion) to London within hours, and announced that it had just lent £4&nbsp;billion ($5.37 billion) to other UK banks.<ref>{{Cite news | url =https://www.thetimes.com/article/hsbc-quick-to-comply-with-refinancing-demands-2jzkw65h72q | location=London | work=The Times | first=Christine | last=Seib | title=HSBC quick to comply with refinancing demands | date=10 October 2008}}</ref>

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.<ref>[http://www.thesunnews.com/business/story/804943.html HSBC bank closes its operations in the U.S.]{{dead link|date=April 2011}}</ref><ref name="bloom1">Jon Menon, [https://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajBfkUKrgsZY HSBC Rues Household Deal, Halts U.S. Subprime Lending], [[Bloomberg L.P.]] 2 March 2009.</ref> Chairman [[Stephen Green, Baron Green of Hurstpierpoint|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."<ref>Neil Hume, ''[http://ftalphaville.ft.com/blog/2009/03/02/53079/quote-du-jour-stephen-green/ 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."</ref> According to analyst Colin Morton, "the takeover was an absolute disaster".<ref name="bloom1" /><ref>[http://www.thesunnews.com/business/story/804943.html HSBC bank closes its operations in the U.S.]{{dead link|date=January 2012}}</ref>

In March 2009, it announced that it had made US$9.3&nbsp;billion of profit in 2008 and announced a £12.5&nbsp;billion (US$17.7&nbsp;billion; HK$138&nbsp;billion) [[rights issue]] to enable it to buy other banks that were struggling to survive.<ref>Benjamin Scent [http://www.thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=79062&sid=22962897&con_type=1 HSBC seeking to build `war chest'], ''[[The Standard (Hong Kong)|The Standard]]'', 4 March 2009.</ref> 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.<ref>Benjamin Scent '[http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=79303&sid=23037200&con_type=3 Plunge probe]' ''[[The Standard (Hong Kong)|The Standard]]'', 10 March 2009.</ref>

===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.<ref>{{cite news| url=https://www.reuters.com/article/uk-hsbc-russia-idUKTRE73O11P20110425| title=HSBC to close retail banking business in Russia| date=25 April 2011}}</ref>

HSBC announced renaming of its Personal Financial Services (PFS) business group to Retail Banking and Wealth Management (also known as RBWM) on HSBC's 2011 Investor Day.<ref>{{cite web |url=http://www.hsbc.com/1/content/assets/investor_relations/strategy_day/2011/110511_strategy_day_overview_transcript.pdf |title=Strategy Day |access-date=21 January 2012 |archive-date=26 May 2012 |archive-url=https://web.archive.org/web/20120526155915/http://www.hsbc.com/1/content/assets/investor_relations/strategy_day/2011/110511_strategy_day_overview_transcript.pdf |url-status=dead }}</ref> 

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&nbsp;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, Baron Green of Hurstpierpoint|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.<ref>{{cite news| url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8019235/HSBC-investors-against-Michael-Geoghegan-becoming-chairman.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8019235/HSBC-investors-against-Michael-Geoghegan-becoming-chairman.html |archive-date=11 January 2022 |url-access=subscription |url-status=live | location=London | work=The Daily Telegraph | first1=Harry | last1=Wilson | first2=Sean | last2=Farrell | first3=Philip | last3=Aldrick | title=HSBC investors against Michael Geoghegan becoming chairman | date=22 September 2010}}{{cbignore}}</ref><ref>{{cite news | url=http://www.news.com.au/business/hsbc-chief-michael-geoghegan-to-quit-after-failing-to-get-top-job/story-e6frfm1i-1225928665163 | work=NewsCore | title=HSBC chief Michael Geoghegan 'to quit' after failing to get top job | date=24 September 2010 | access-date=28 May 2011 | archive-date=4 December 2013 | archive-url=https://web.archive.org/web/20131204195626/http://www.news.com.au/business/hsbc-chief-michael-geoghegan-to-quit-after-failing-to-get-top-job/story-e6frfm1i-1225928665163 | url-status=dead }}</ref> HSBC's board of directors had reportedly been split over the succession planning and investors were alarmed that the row would damage the company.<ref>{{cite news| url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8021673/Douglas-Flint-to-be-HSBC-chairman-Michael-Geoghegan-to-leave-in-radical-reshuffle.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8021673/Douglas-Flint-to-be-HSBC-chairman-Michael-Geoghegan-to-leave-in-radical-reshuffle.html |archive-date=11 January 2022 |url-access=subscription |url-status=live | location=London | work=The Daily Telegraph | first=Harry | last=Wilson | title=Douglas Flint to be HSBC chairman, Michael Geoghegan to leave in radical reshuffle | date=23 September 2010}}{{cbignore}}</ref>

On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC.<ref>{{cite web |title=Great HSBC reshuffle |date=23 September 2010 |url=http://www.euromoney.com/Article/2676783/Great-HSBC-reshuffle.html}}Euromoney</ref> 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&nbsp;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.<ref>{{cite web |url=http://story.sierraleonetimes.com/index.php/ct/9/cid/3a8a80d6f705f8cc/id/819237/cs/1/ht/HSBC%20significantly%20cutting%20staff%20and%20operations%20to%20save%20money/ |title=HSBC significantly cutting staff and operations to save money |publisher=Story.sierraleonetimes.com |date=1 August 2011 |access-date=21 January 2012 |archive-date=28 March 2012 |archive-url=https://web.archive.org/web/20120328095901/http://story.sierraleonetimes.com/index.php/ct/9/cid/3a8a80d6f705f8cc/id/819237/cs/1/ht/HSBC |url-status=dead }}</ref> 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."<ref>{{cite news| url=https://www.reuters.com/article/us-hsbc/hsbc-sheds-30000-jobs-posts-surprise-profit-rise-idUSTRE7701HH20110801 | work=Reuters | title=HSBC sheds 30,000 jobs, posts surprise profit rise | date=1 August 2011}}</ref>

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 (state)|New York]] and [[Connecticut]] to [[First Niagara Bank|First Niagara Financial Group Inc]], and divestitures to [[KeyBank|KeyCorp]], [[Community Bank, N.A.]] and [[Five Star Bank (New York)|Five Star Bank]] for around $1&nbsp;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.<ref>{{cite web|url=http://www.businessweek.com/news/2011-08-01/hsbc-to-sell-195-branches-to-first-niagara-for-1-billion.html |archive-url=https://web.archive.org/web/20121102092434/http://www.businessweek.com/news/2011-08-01/hsbc-to-sell-195-branches-to-first-niagara-for-1-billion.html |url-status=dead |archive-date=2 November 2012 |title=HSBC to Sell 195 Branches to First Niagara for $1 Billion |publisher=Businessweek |date=1 August 2011 |access-date=21 January 2012}}</ref> On 9 August 2011, [[Capital One]] Financial Corp. agreed to acquire HSBC's U.S. credit card business for $2.6&nbsp;billion,<ref>[http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/08/09/bloomberg1376-LPP3AG6JTSE901-4OVIGDLCAAK4H5OLO3B09ACAL9.DTL 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|date=May 2016|bot=medic}}{{cbignore|bot=medic}}</ref> netting HSBC Holdings an estimated after-tax profit of $2.4&nbsp;billion.<ref>{{Cite web|url=http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/08/10/bloomberg1376-LPP3AG6JTSE901-1GG6MR0VTKVI7LOVDL4C30NRLE.DTL|title=HSBC to Reap $2.4 Billion Gain From Sale of U.S. Card Division}}</ref> In September it was announced that HSBC sought to sell its general insurance business for around $1&nbsp;billion.<ref>{{cite web|url=http://www.insuranceage.co.uk/insurance-age/news/2108702/hsbc-insurance-sell|title=HSBC in insurance sell-off|date=13 September 2011|publisher=Insurance Age|access-date=14 April 2017}}</ref>

In 2012, HSBC was the subject of hearings of the [[United States Senate|U.S. Senate]] permanent subcommittee for investigations for severe deficiencies in its [[anti-money laundering]] practices (see [[#Controversies|Controversies]]). On 16 July the committee presented its findings.<ref>{{Cite news | url =https://www.bbc.co.uk/news/business-18880269 |publisher=BBC News | title=HSBC money laundering report: Key findings | date=11 December 2012}}</ref><ref>{{cite news|url=http://4closurefraud.org/2012/07/16/us-senate-report-u-s-vulnerabilities-to-money-laundering-drugs-and-terrorist-financing-hsbc-case-history/|title =HSBC Exposed U.S. Financial System to Money Laundering, Drug, Terrorist Financing Risks|date =17 July 2012| work =[[United States Senate]], The Permanent Subcommittee on Investigations|access-date =23 December 2012}}</ref><ref>{{cite news|url =http://www.hsgac.senate.gov/subcommittees/investigations/media/hsbc-exposed-us-finacial-system-to-money-laundering-drug-terrorist-financing-risks|title =HSBC Exposed U.S. Financial System to Money Laundering, Drug, Terrorist Financing Risks (press release)|date =16 July 2012|work =[[United States Senate]], The Permanent Subcommittee on Investigations|access-date =22 December 2012|archive-date =16 August 2019|archive-url =https://web.archive.org/web/20190816090938/https://www.hsgac.senate.gov/subcommittees/investigations/media/hsbc-exposed-us-finacial-system-to-money-laundering-drug-terrorist-financing-risks|url-status =dead}}</ref> Among other things, it concluded that HSBC had been transferring $7&nbsp;billion in banknotes from its Mexican to its US subsidiary (much of it related to [[drug dealing]]<ref>{{cite news |last=Mollenkamp |first=Carrick |url=http://uk.reuters.com/article/2012/12/12/uk-hsbc-probe-idUKBRE8BA05K20121212 |title=HSBC became bank to drug cartels, pays big for lapses |publisher=Reuters |date=12 December 2012 |access-date=14 July 2013 |archive-date=18 October 2015 |archive-url=https://web.archive.org/web/20151018070535/http://uk.reuters.com/article/2012/12/12/uk-hsbc-probe-idUKBRE8BA05K20121212 |url-status=dead }}</ref>), was disregarding terrorist financing links<ref name="Mazur" /> and was actively circumventing US safeguards designed to prevent transactions involving terrorists, drug lords and rogue regimes, including hiding $19.4&nbsp;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".<ref>{{Cite news|url=https://www.theguardian.com/business/2012/jul/11/hsbc-failure-control-money-laundering|title=HSBC chief admits bank failed to control money laundering|first=Dominic|last=Rushe|newspaper=The Guardian |date=11 July 2012|via=www.theguardian.com}}</ref>

On 11 December 2012, HSBC agreed to pay a record $1.92&nbsp;billion fine in this money laundering case. It was reported that bank officials consistently overlooked internal warnings about the inadequacy of HSBC's monitoring systems, according to the Justice Department. For example, in 2008, the CEO of HSBC Mexico was reportedly informed by Mexican law enforcement about a recording of a Mexican drug lord, who indicated that HSBC Mexico was a preferred location for money laundering.<ref name="reuters1">{{cite news|url=https://www.reuters.com/article/2012/12/11/us-hsbc-probe-idUSBRE8BA05M20121211|title=HSBC to pay $1.9 billion U.S. fine in money-laundering case|date=11 December 2012|work=[[Reuters]]|access-date=11 December 2012|archive-date=12 February 2015|archive-url=https://web.archive.org/web/20150212073829/http://www.reuters.com/article/2012/12/11/us-hsbc-probe-idUSBRE8BA05M20121211|url-status=dead}}</ref> 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."<ref>{{cite news |url=https://www.nytimes.com/2012/12/12/opinion/hsbc-too-big-to-indict.html |title=Too Big to Indict |date=11 December 2012 |work=The New York Times|access-date=12 December 2012}}</ref> 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."<ref name="reuters1" />

===Since 2013===

In July 2013, Alan Keir was appointed chief executive of [[HSBC Bank (Europe)|HSBC Bank plc]] after Brian Robertson's resignation. Keir's duties include overseeing the firm's UK, European, Middle Eastern, and African divisions.<ref>{{cite web| title=HSBC Names Keir Head of HSBC U.K. Bank Unit, Replacing Robertson| first=Gavin| last=Finch| publisher=Bloomberg| url=http://www.ceo.com/flink/?lnk=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-07-08%2Fhsbc-names-keir-head-of-hsbc-u-k-bank-unit-replacing-robertson.html&id=302849| date=8 July 2013| access-date=12 July 2013| archive-date=21 October 2016| archive-url=https://web.archive.org/web/20161021153219/http://www.ceo.com/flink/?lnk=http%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-07-08%2Fhsbc-names-keir-head-of-hsbc-u-k-bank-unit-replacing-robertson.html&id=302849| url-status=dead}}</ref>

In June 2014, an indirect wholly-owned subsidiary HSBC Life (UK) Limited agreed to sell its £4.2&nbsp;billion UK pensions business to [[Swiss Re]].<ref name="HSBlife">{{Cite news |title=Swiss Re unit acquiring UK pension business of HSBC Life |work=London Mercury |url=http://www.londonmercury.com/index.php/sid/222816607/scat/0f440bf3fff89f01/ht/Swiss-Re-unit-acquiring-UK-pension-business-of-HSBC-Life |url-status=dead |access-date=12 June 2014 |archive-url=https://web.archive.org/web/20140714181011/http://www.londonmercury.com/index.php/sid/222816607/scat/0f440bf3fff89f01/ht/Swiss-Re-unit-acquiring-UK-pension-business-of-HSBC-Life |archive-date=14 July 2014}}</ref> In February 2015 the [[The Global Muckraker|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.<ref name="auto">{{Cite web |date=8 February 2015 |title=Swiss Leaks: Murky Cash Sheltered by Bank Secrecy |url=http://www.icij.org/project/swiss-leaks |website=International Consortium of Investigative Journalists}}</ref> US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities, but never received the data.<ref name="ICIJ">{{Cite web |last1=Gerard Ryle |last2=Will Fitzgibbon |last3=Mar Cabra |last4=Rigoberto Carvajal |last5=Marina Walker Guevara |last6=Martha M. Hamilton |last7=Tom Stites |date=8 February 2015 |title=Banking Giant HSBC Sheltered Murky Cash Linked to Dictators and Arms Dealers |url=http://www.icij.org/project/swiss-leaks/banking-giant-hsbc-sheltered-murky-cash-linked-dictators-and-arms-dealers}}</ref>

HSBC announced in August 2015 that it would be selling its [[Brazil]]ian unit to [[Banco Bradesco]] for $5.2&nbsp;billion following years of disappointing performance.<ref>{{Cite news |date=3 August 2015 |title=HSBC selling unprofitable Brazil unit to Bradesco for $5.2 billion |publisher=Reuters |url=https://www.reuters.com/article/2015/08/03/us-hsbc-bank-brasil-m-a-banco-bradesco-idUSKCN0Q806N20150803 |access-date=1 July 2017 |archive-date=4 August 2015 |archive-url=https://web.archive.org/web/20150804055144/http://www.reuters.com/article/2015/08/03/us-hsbc-bank-brasil-m-a-banco-bradesco-idUSKCN0Q806N20150803 |url-status=dead }}</ref> In 2015, HSBC was recognised as the most trusted foreign bank in India by The Brand Trust Report 2015.<ref>{{Cite book |last=Chandramouli |title=The Brand Trust Report India Study 2015 |publisher=TRA |year=2015 |isbn=978-81-920823-8-7 |page=108}}</ref>

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.<ref>{{Cite news |last=Tom Rollins |date=7 April 2016 |title=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' |work=Middle East Eye |url=http://www.middleeasteye.net/news/syrian-hsbc-accounts-rami-makhlouf-850186773 |access-date=15 May 2016}}</ref>

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 [[Russian Laundromat|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 Bank|Lloyds]], [[Barclays]] and [[Coutts]].<ref>[https://www.theguardian.com/world/2017/mar/20/british-banks-handled-vast-sums-of-laundered-russian-money British banks handled vast sums of laundered Russian money in ''The Guardian''] by Luke Harding, Nick Hopkins and Caelainn Barr on 20 March 2017</ref> 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."<ref>[https://money.cnn.com/2017/03/24/news/russia-money-laundering-global-banks/ Global banks handled laundered Russian cash worth hundreds of millions in CNN] by Ivana Kottasova on 24 March 2017</ref>

On 1 October 2017, [[Mark Tucker (business)|Mark Tucker]] succeeded Douglas Flint as group chairman of HSBC, the first non-executive and outside chairman appointed by the group.<ref>{{Cite news |last=Lockett |first=Hudson |date=12 March 2017 |title=Mark Tucker wastes no time choosing next HSBC chief |work=[[Financial Times]] |url=https://www.ft.com/content/4fee1849-a5de-31de-8084-5feff2b0f1ef |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/4fee1849-a5de-31de-8084-5feff2b0f1ef |archive-date=10 December 2022 |url-access=subscription |access-date=15 October 2017}}</ref> 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.<ref>{{Cite web |last=<!--Staff writer(s); no by-line.--> |date=12 October 2017 |title=HSBC appoints John Flint to succeed Stuart Gulliver as Group Chief Executive |url=http://www.hsbc.com/-/media/hsbc-com/investorrelationsassets/stockexchangeannouncements/2017/october/sea-171012-hsbc-ceo-appointment.pdf |access-date=14 October 2017 |website=HSBC |archive-date=15 October 2017 |archive-url=https://web.archive.org/web/20171015044433/http://www.hsbc.com/-/media/hsbc-com/investorrelationsassets/stockexchangeannouncements/2017/october/sea-171012-hsbc-ceo-appointment.pdf |url-status=dead }}</ref> 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.<ref>{{Cite journal |last=Makortoff |first=Kalyeena |date=5 August 2019 |title=HSBC boss John Flint resigns 'by mutual agreement' |url=https://www.theguardian.com/business/2019/aug/05/hsbc-boss-john-flint-resigns-by-mutual-agreement |journal=The Guardian |location=London |access-date=20 August 2019}}</ref> Noel Quinn was subsequently appointed to the role on a permanent basis in March 2020.<ref>{{Cite news |title=HSBC appoints Noel Quinn permanent chief executive |url=https://www.ft.com/content/ca4010d0-6879-11ea-800d-da70cff6e4d3 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/ca4010d0-6879-11ea-800d-da70cff6e4d3 |archive-date=10 December 2022 |url-access=subscription |access-date=14 June 2020 |newspaper=Financial Times|date=17 March 2020 }}</ref>

In February 2020, HSBC announced it would cut 35,000 jobs worldwide after it was announced corporate profits decreased by 33% in 2019.<ref>{{Cite journal |last=Makortoff |first=Kalyeena |date=18 February 2020 |title=HSBC to cut 35,000 jobs worldwide as profits plunge |url=https://www.theguardian.com/business/2020/feb/18/hsbc-to-cut-35000-jobs-worldwide-as-profits-plunge-coronavirus |journal=The Guardian |access-date=18 February 2020}}</ref>

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.<ref>{{cite web|url=https://fundselectorasia.com/restructuring-hsbc-merges-wm-clients/ |title=Restructuring HSBC merges WM clients |date=2 March 2020 |access-date=2 March 2020}}</ref>

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&nbsp;billion dollars to help clients make the transition. It also pledged to achieve [[carbon neutrality]] in his own operations by 2030.<ref>{{Cite news |last1=White |first1=Lawrence |last2=Cruise |first2=Sinead |last3=Jessop |first3=Simon |date=9 October 2020 |title=CORRECTED-EXCLUSIVE-HSBC targets net-zero emissions by 2050, earmarks $1 trln green financing |work=Reuters |url=https://www.reuters.com/article/hsbc-hldg-climatechange/exclusive-hsbc-targets-net-zero-emissions-by-2050-earmarks-1-trln-green-financing-idINL8N2GZ31Q |access-date=12 October 2020}}</ref>

In January 2021, HSBC announced that it would be closing 82 branches in Britain.<ref>{{Cite news|last=White|first=Iain Withers, Lawrence|date=20 January 2021|title=HSBC to axe up to 340 management jobs in UK branch shake-up - source|language=en|work=Reuters|url=https://www.reuters.com/article/uk-hsbc-branches-job-losses-idUSKBN29P1Q2|access-date=20 January 2021}}</ref> 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.<ref>[https://www.wsj.com/articles/hsbc-to-exit-u-s-retail-banking-11622077164 HSBC to Exit Most U.S. Retail Banking] ''[[Wall Street Journal]]'' 27 May 2021</ref> The bank said it intends to focus on the banking and wealth management needs of globally connected affluent and high net worth clients.<ref>{{Cite news|date=23 February 2021|title=HSBC shifts focus from west to east as profits dive|language=en-GB|work=BBC News|url=https://www.bbc.com/news/business-56150430|access-date=24 February 2021}}</ref>

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.<ref>ShareAction, [https://shareaction.org/hsbc-sends-shockwaves-as-it-commits-to-end-coal-financing/ HSBC sends shockwaves as it commits to end coal financing], published 11 March 2021, accessed 22 July 2021</ref> The organisation's "Thermal Coal Phase-Out Policy" was published in December 2021.<ref>HSBC, [https://www.hsbc.com/-/files/hsbc/our-approach/risk-and-responsibility/pdfs/211214-hsbc-thermal-coal-phase-out-policy.pdf HSBC Thermal Coal Phase-Out Policy], accessed 28 December 2021</ref> The company broke its coal pledge in 2023 when it helped raise $1 billion for Glencore, a mining giant that had ramped up coal production.<ref>{{Cite web |title=HSBC breaks climate pledge with billion-dollar Glencore deal |url=https://www.thebureauinvestigates.com/stories/2025-05-01/hsbc-investors-rage-after-bank-bulldozes-its-coal-policy-with-glencore-deal |access-date=2025-05-04 |website=TBIJ |language=en}}</ref>

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.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2021-08-16/hsbc-buys-axa-singapore-for-575-million-to-grow-in-asia-wealth|title=HSBC buys AXA Singapore for $575 million to grow in asia wealth|newspaper=Bloomberg.com |date=16 August 2021 |publisher=Bloomberg|access-date=30 January 2022}}</ref> 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&nbsp;million from [[Larsen & Toubro|L&T Finance Holdings]].<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2021-12-23/hsbc-to-buy-india-s-l-t-investment-management-for-425-million|title=HSBC to buy India's L&T Investment Management for $425-million|publisher=Bloomberg|access-date=30 January 2022}}</ref>

In June 2022, HSBC announced its intention to sell its business in Russia. This requires approval from the Russian government, and the deal is expected to close in the first half of 2024. The projected loss is $300&nbsp;million. A possible buyer is the Russian [[Expobank]].<ref>{{Cite web|url=https://www.banki.ru/news/lenta/?id=10994532|title=Британский HSBC сообщил, когда планирует окончательно уйти с российского рынка|language=ru|date=30 October 2023|website=Banki.ru}}</ref> In February 2024, the President of Russia allowed HSBC and Expobank to carry out this transaction.<ref>{{Cite web|url=https://www.reuters.com/business/finance/putin-signs-decree-allowing-hsbc-sell-russian-unit-expobank-2024-02-19/|title=Putin grants HSBC approval to sell Russian unit to Expobank|date=19 February 2024|website=[[Reuters]]}}</ref>

In July 2022, HSBC became the first foreign lender to open a [[Chinese Communist Party]] (CCP) committee in its Chinese investment banking subsidiary.<ref name=":4">{{Cite news |date=21 July 2022 |title=HSBC installs Communist party committee in Chinese investment bank |work=Financial Times |url=https://www.ft.com/content/eac99fd9-0c30-4141-821a-45348f61c113 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/eac99fd9-0c30-4141-821a-45348f61c113 |archive-date=10 December 2022 |url-access=subscription |url-status=live |access-date=22 July 2022}}</ref> The subsidiary, HSBC Qianhai Securities, is a 90% HSBC-owned joint venture.<ref name=":4" />

In November 2022, HSBC announced its intention to exit the Canadian market. [[Royal Bank of Canada]] would acquire 100% of the common shares of [[HSBC Bank Canada|HSBC Canada]] for an all-cash purchase price of $13.5&nbsp;billion, 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected by late 2023, subject to regulatory approvals.<ref>{{Cite web |last=Canada |first=Royal Bank of |title=RBC to strengthen premium Canadian business with agreement to acquire HSBC Canada |url=https://www.newswire.ca/news-releases/rbc-to-strengthen-premium-canadian-business-with-agreement-to-acquire-hsbc-canada-893378623.html |access-date=29 November 2022 |website=www.newswire.ca |language=en}}</ref> HSBC has been under pressure to cut costs and divest non-Asian businesses.<ref>{{Cite news |last=Li |first=Selena |date=4 November 2022 |title=HSBC top shareholder Ping An urges aggressive cost cuts, renews spin-off push |language=en |work=Reuters |url=https://www.reuters.com/business/finance/shareholder-ping-an-asks-hsbc-aggressive-cost-cuts-amid-breakup-push-ft-2022-11-04/ |access-date=29 November 2022}}</ref>

In February 2023, HSBC announced that its profits for the last quarter of 2022 had almost doubled compared to those at the same time the previous year. However, its pre-tax profit actually fell because it absorbed the cost of selling its French retail banking operations.<ref>{{cite news|url=https://www.bbc.com/news/business-64713967 | title=Banking giant HSBC sees quarterly profit almost double | date=21 February 2023 | publisher=BBC News |access-date=21 February 2023}}</ref> The bank also announced that they were closing 114 branches in the United Kingdom. The move came as more people were using online banking since the pandemic, reducing the need for physical branches. The move has been criticized by [[Unite the Union|Unite]].<ref>{{Cite news |date=30 November 2022 |title=HSBC to close 114 UK branches as more people bank online |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-63796745 |access-date=21 February 2023}}</ref>

As [[interest]] rates increased globally in May 2023, HSBC Holdings reported a 212% increase in [[quarterly]] profit.<ref>{{cite web |date=2 May 2023 |title=HSBC profit triples on higher rates, beats expectations|url=https://www.brecorder.com/news/40239864/hsbc-profit-triples-on-higher-rates-beats-expectations}}</ref>

In May 2023, HSBC defeated a proposal, backed by its largest stakeholder Chinese insurer [[Ping An Insurance|Ping An]], to consider spinning off its Asia business into a Hong Kong-listed entity.<ref>{{Cite news |date=5 May 2023 |title=HSBC Investors Reject Special Resolutions on Dividends, Strategy |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-05-05/hsbc-investors-reject-special-resolutions-on-dividends-strategy |access-date=5 May 2023}}</ref>

In December 2023, HSBC Asset Management announced they would be acquiring the Singapore Based Investment manager, Silkroad Property Partners. The proposed acquisition includes Singapore-based SilkRoad Property Partners Pte Ltd, along with its subsidiaries in Hong Kong, Shanghai and Tokyo, and the five general partner entities associated with its active funds. Terms of the agreement were not disclosed. The deal would expand HSBC's real estate fund management capabilities in the region by bringing on board a business with an estimated $2 billion in assets under management, primarily in value-add strategies, as well as a senior team with experience executing deals in the region's major cities.<ref>{{cite web |date=12 December 2023 |title=HSBC AM Buying Singapore's Silkroad to build real estate deal team |url=https://www.mingtiandi.com/real-estate/finance/hsbc-am-buying-singapores-silkroad-property-partners/}}</ref><ref>{{cite web |date=13 December 2023 |title=HSBC looks to mergers to expand footprint, serve wealthy customers in Asia, bank chief says |url=https://www.scmp.com/business/article/3244899/hsbc-may-buy-assets-sell-unprofitable-units-expand-its-footprint-and-sharpen-its-focus-serving}}</ref>

HSBC announced, in December 2023, that it intended to move its head office from [[8 Canada Square]] to [[81 Newgate Street]] when the lease on the former building expires in 2027.<ref>{{cite news|url=https://www.costar.com/article/1318159520/hsbc-exchanges-on-556000-square-foot-london-headquarters-lease|title=HSBC Exchanges on 556,000-Square-Foot London Headquarters Lease|newspaper=Costar|date=14 November 2023|access-date=19 October 2024}}</ref>

In 2024, HSBC, as part of the [[Hong Kong Association of Banks]], began developing a roadmap to phase out cheques in the city and switch to electronic payments. 
According to [[Hong Kong Interbank Clearing Limited]], cheque transactions in [[Hong Kong]] fell to HK$488.6 billion (US$62.5 billion) in December, down 13 percent year-on-year.<ref>{{Cite web|language=en|url=https://www.scmp.com/business/banking-finance/article/3249076/cheques-end-nigh-hong-kongs-banks-set-road-map-phase-out-paper-payment-their-embrace-e-payments|title=The cheque's end is nigh: Hong Kong's banks set road map to phase out paper payment in their embrace of e-payments|website=South China Morning Post|date=22 January 2024 |access-date=7 February 2024|archive-date=7 February 2024|archive-url=https://web.archive.org/web/20240207144640/https://www.scmp.com/business/banking-finance/article/3249076/cheques-end-nigh-hong-kongs-banks-set-road-map-phase-out-paper-payment-their-embrace-e-payments}}</ref>

In 2024, HSBC announced an international payments app, Zing, a competitor to [[Revolut]] and [[Wise (company)|Wise]] apps. It will also focus on retail customers and low-cost currency exchange.<ref>{{Cite web|language=en|url=https://www.scmp.com/business/banking-finance/article/3246984/hsbc-takes-revolut-wise-new-forex-app-non-customers|title=HSBC takes on Revolut, Wise with new forex app for non-customers|website=South China Morning Post|date=2 January 2024 |access-date=7 February 2024|archive-date=1 February 2024|archive-url=https://web.archive.org/web/20240201110238/https://www.scmp.com/business/banking-finance/article/3246984/hsbc-takes-revolut-wise-new-forex-app-non-customers}}</ref> In January 2025, HSBC decided to shut down the app only one year after its launch, as part of a cost-cutting drive.<ref>{{cite news |last1=Quinio |first1=Akila |title=HSBC shuts payments app Zing a year after launch |url=https://www.ft.com/content/b184d9f9-eacb-4f70-b85d-b87ea4bcc694 |access-date=23 January 2025 |work=Financial Times |date=23 January 2025}}</ref>

In 2024, HSBC Philippines launched "Omni Collect" to allow companies to connect to HSBC's single [[API]] to offer and manage payments across multiple channels. "It supports multiple online and offline payment options for customers and delivers transaction data through HSBC’s global digital platform, HSBCnet," the bank Head Art Tanseco said.<ref>{{cite news |last1= |first1= |title=HSBC rolls out payment solution in Philippines|url= https://www.bworldonline.com/banking-finance/2024/03/05/579373/hsbc-rolls-out-payment-solution-in-philippines/|access-date=7 March 2024 |publisher=[[Businessworld]] |date=5 March 2024}}</ref>

On 9 April 2024, HSBC announced the sale of its Argentina business to Galicia for $550 million. HSBC said that the deal awaited government approval but was expected to be finalized by the year-end.<ref>{{cite news |last1= |first1= |title=HSBC's $550 Million Argentina Business Sale to Galicia: A Strategic Move|url= https://www.reuters.com/markets/deals/hsbc-sell-argentina-business-galicia-550-mln-deal-2024-04-09/|access-date= 6 April 2024 |publisher=[[Reuters]] |date= 9 April 2024}}</ref> HSBC was also approved to exit its Armenia holdings by the central bank in a sale to [[Ardshinbank]] on 27 August.<ref>{{cite news|url=https://www.azatutyun.am/a/33094421.html|title=HSBC Cleared To Sell Armenian Subsidiary|date=27 August 2024|newspaper=Azatutyun|access-date=28 August 2024}}</ref>

In January 2025, HSBC announced the closure of some of its investment banking units in Europe, UK and US as part of the ongoing restructuring effort by its CEO [[Georges Elhedery]],<ref>{{cite news |last1=Wilson |first1=Harry |title=HSBC to Shutter Some Investment Banking Units in Europe, US |url=https://www.bloomberg.com/news/articles/2025-01-28/hsbc-to-shutter-some-investment-banking-units-in-europe-us?srnd=homepage-asia |access-date=29 January 2025 |work=Bloomberg.com |date=28 January 2025 |language=en}}</ref> followed by a new round of investment bank job cuts.<ref>{{cite news |title=HSBC Plans New Round of Investment Bank Job Cuts Next Week |url=https://www.bloomberg.com/news/articles/2025-02-14/hsbc-plans-new-round-of-investment-bank-job-cuts-next-week?srnd=homepage-asia |access-date=14 February 2025 |agency=Bloomberg |date=14 February 2025}}</ref> These significant revamps were expected to bring $1.8 billion cost savings by the end of 2026.<ref>{{cite news |last1=Li |first1=Selena |last2=Chatterjee |first2=Sumeet |title=HSBC eyes $1.8 billion in cost cuts by 2026 as new CEO looks to boost returns |url=https://www.reuters.com/business/finance/hsbc-books-66-rise-annual-profit-beats-estimates-2025-02-19/ |access-date=19 February 2025 |work=Reuters |date=19 February 2025}}</ref>

In May 2025, HSBC announced that chair Mark Tucker would retire by the end of 2025 after an eight-year stint at the bank.<ref>{{Cite web |last=Norman |first=Samuel |date=2025-05-01 |title=HSBC on hunt for new chair as Mark Tucker to retire by year-end |url=https://www.cityam.com/hsbc-on-hunt-for-new-chair-as-mark-tucker-to-retire-by-year-end/ |access-date=2025-05-02 |website=City AM |language=en-GB}}</ref>