HSBC

In November 2022, HSBC announced the sale of its Canadian business to the Royal Bank of Canada for $13.5 billion. This move was part of HSBC's strategy to streamline operations and increase returns to shareholders. By divesting its Canadian unit, HSBC aimed to focus more on its key markets, especially in Asia. The sale was also one of the largest banking deals in Canada's history.

On June 2, 2020, HSBC publicly expressed support for China's new national security law imposed on Hong Kong, a move that attracted both support and criticism. HSBC's decision to endorse the law was seen by some as an alignment with Chinese government interests, potentially impacting its global reputation. The event highlighted the bank's strong commercial ties to China and the strategic importance of the region to its operations.

In September 2016, HSBC announced it had decided to keep its headquarters in London after a comprehensive global review. The decision was influenced by the stable regulatory environment and the significance of London as a global financial hub. This ended months of speculation regarding HSBC possibly moving its headquarters to Hong Kong, where it had historical ties and a significant presence.

In 2015, the 'Swiss Leaks' reports published by several news organizations revealed that HSBC's Swiss private banking unit had helped in facilitating tax evasion and hiding millions of dollars for clients. The leaked documents showed a culture of secrecy and misconduct within HSBC's Swiss operations. This scandal led to much criticism and regulatory scrutiny concerning HSBC's practices and governance at the time.

In July 2012, HSBC was subjected to scrutiny for being implicated in a money laundering scheme. The bank was accused of allowing illegal drug money from Mexico to be laundered through its US banking system. HSBC faced substantial fines amounting to $1.9 billion after reaching a settlement with US authorities. This was one of the largest penalties ever imposed on a financial institution for controls failures.

During the 2008 financial crisis, HSBC was one of the very few major banks that did not require any form of government bailout, setting it apart from many of its peers. Its strong capital position and conservative lending practices were credited for this resilience. HSBC also reported a robust profit, although it did take considerable losses in its American consumer finance operations due to the mortgage crisis.

In November 2003, HSBC acquired Household International for $15.5 billion, marking one of its largest expansions into the US subprime mortgage market. This move was intended to tap into a different segment of consumer finance, giving HSBC a foothold in the US consumer lending sector. The acquisition, however, later led to significant financial challenges amidst the subprime mortgage crisis.

HSBC acquired the Republic National Bank of New York for $10.3 billion, which significantly expanded its footprint in the United States. This acquisition was strategic, allowing HSBC access to the large and lucrative US market. Republic National Bank had a strong domestic and international client base, aligning with HSBC's strategy for global expansion and increasing its competitiveness in the financial market.

HSBC Holdings plc was established in London as a parent company to directly own the growing number of HSBC branches across the world. This formation helped the bank to better manage its global operations and consolidate its international presence under a single corporate entity. It marks a significant milestone in HSBC's journey, aiding in its expansion across various regions around the world.

HSBC (Hongkong and Shanghai Banking Corporation) was founded in British Hong Kong, by Scotsman Thomas Sutherland, to facilitate trade between Europe and Asia. The bank was originally established as a local bank serving the local Hong Kong community, but it quickly expanded to become one of the biggest financial institutions globally, focusing on financing trade between the Western and Eastern hemispheres.