HSBC Overview: HSBC (formerly the Hong Kong and Shanghai Banking Corporation)is a leading international banking and securities firm whose home office is in London. Its U.S. headquarters are in New York, and its Canadian HQ is in Vancouver. The main U.S. lines of business for HSBC are:
- Personal financial services (banking and investments)
- Commercial banking
- Global banking and markets
- Private banking
- Consumer finance (lending, credit cards and insurance)
Size: HSBC reports the following figures as of June 30, 2008:
- U.S. branches = 460 (380 in NY State)
- Canadian branches = 132
- Worldwide offices = 9,500
- Presence in 85 countries and territories
- Worldwide customers = 128 million
- Worldwide assets = $2.547 trillion (as of 6/30/08)
- Worldwide employees = 335,000
- Employees in North America = 52,000
Positives: HSBC's slogan, "The world's local bank," sums up its operating philosophy of granting a great deal of automony to its far-flung operating units. This has given HSBC flexibility in adapting to local situations. HSBC also has been recognized as the world's most valuable banking brand by The Banker magazine.
HSBC debt generally is rated the equivalent of AA or better by each of the major rating agencies.
Negatives: While HSBC overall is profitable, its North American division has posted losses through the first half of 2008.
