HSBC

HSBC Holdings plc operates as a British universal bank with roots stretching back to 1865. Thomas Sutherland founded the institution in Hong Kong to bridge trade between East and West, originally naming it the Hongkong and Shanghai Banking Corporation. While the modern holding company structure took shape in London in 1991, the bank accelerated its global footprint in 1992 by acquiring Midland Bank. This strategic move cemented its position as a dominant force in the UK market before expanding into a network spanning 57 countries.

Today the bank manages $3.212 trillion in assets as of April 2026, ranking as Europe's second-largest bank by that metric and the third-largest non-state-owned bank globally. It serves approximately 39 million customers across Africa, Asia, Oceania, Europe, North America, and South America. The institution trades on the London Stock Exchange, the Hong Kong Stock Exchange, the Bermuda Stock Exchange, and via American Depositary Receipts on the New York Stock Exchange.

Recent years have seen a sharp pivot toward artificial intelligence and cost reduction. In October 2026, the bank announced sweeping job cuts within its UK wealth management business to automate processes. This shift triggered high-profile departures including one of the top FX traders moving to Citadel and the resignation of Bhavick Patel, the UK head of ETF sales. Maggie Ng assumed leadership of HSBC Hong Kong in October 2025, steering the region's retail and wealth operations through these changes. [edit]