The United Kingdom’s largest bank - HSBC Holdings plc - is a multinational bank and financial services organization based in London. It is not only the largest bank in its home country, but it is also the
by total assets. Although there are four major banks headquartered in the United Kingdom in addition to HSBC - Barclays, Lloyds, NatWest, and Standard Chartered - none of the others are close to the
.
The history of HSBC
Today, HSBC is a global key player with
total assets worth over three trillion U.S. dollars, but the history of the bank dates to 1865, when Hong Kong was a British colony, and the Shanghai International Settlement was established as a hub for trade between the West and East. That year, only a month apart, Scotsman Sir Thomas Sutherland founded The Hong Kong and Shanghai Bank (today The Hong Kong and Shanghai Banking Corporation Limited) in both cities to take advantage of the new trading opportunities into China. Almost a century later, a non-trading, dormant shelf company called "Vernat Trading Company Limited" was incorporated in England and Wales, later to be renamed HSBC Holdings plc and to become a parent of The Hong Kong and Shanghai Banking Corporation Limited. Today, the bank operates in
all parts of the world, with
221,000 employees all over the world, although the
highest number of employees were in India.
Which segment generates the greatest revenues for HSBC?
HSBC operates in
three distinct service segments: wealth and personal banking, global banking and markets, and commercial banking. The wealth and personal banking segment is the largest, accounting for over 40 percent of the global revenues in 2023, and consists of global private banking, retail banking, and wealth management. The
net operating income from this segment was around 27 billion U.S. dollars in 2023. The largest regions are Asia and Europe, and around 80 percent of the
company’s global revenues in 2023 came from these two regions.
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