Company Overview of HSBC USA Inc.
HSBC USA Inc., together with its subsidiaries, provides consumer and commercial banking products, and related financial services in the United States. Its Retail Banking and Wealth Management segment provides deposit taking and account services; residential mortgages, home equity lines of credit, and credit cards; and advisory and wealth management services; and branch services primarily through direct channels, including the contact center, Internet banking, and mobile. The company’s Commercial Banking segment provides global liquidity and cash management, global trade and receivables finance, lending and transaction management, investment banking, and global markets services through commer...
452 Fifth Avenue
New York, NY 10018
Founded in 1850
Key Executives for HSBC USA Inc.
Chief Executive Officer, President and Executive Director
Chief Financial Officer and Senior Executive Vice President
Group CEO-Hsbc Holdings Plc & Executive Director-The Hongkong & Shanghai Banking Corporation LTD
Chief Risk Officer, Senior Executive Vice President and Executive Director
Head of Commercial Banking and Senior Executive Vice President
Compensation as of Fiscal Year 2017.
HSBC USA Inc. Key Developments
HSBC USA Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended of March 31, 2017
May 4 17
HSBC USA Inc. reported unaudited consolidated earnings results for the first quarter ended of March 31, 2017. For the quarter, the company reported total interest income of $1,015 million compared to $980 million a year ago. Net interest income was $597 million compared to $654 million a year ago. Net interest income after provision for credit losses was $674 million compared to $497 million a year ago. Income before income tax was $448 million compared to $233 million a year ago. Net income was $296 million compared to $154 million a year ago. Net cash used in operating activities was $6,028 million compared to net cash provided by operating activities of $124 million a year ago. Net cash used for acquisitions of properties and equipment was $6 million compared to $6 million a year ago.
HSBC USA Inc. Approves Amendment to Articles of Incorporation
Apr 24 17
On April 20, 2017, the Board of Directors of HSBC USA Inc. approved an amendment to and a restatement of its bylaws which were effective immediately upon such approval by the Board. The Bylaws were amended to add the position 'Head of Financial Crime Compliance' to the list of policy making officers.
United States District Judge Allows Class Action to Go Forward against HSBC USA
Jul 5 16
United States District Judge allowed class action to go forward against HSBC USA. Attorneys Julio J. Ramos, Steven M. Nunez and the Ward Hagen LLP obtained a significant legal victory in a class action against HSBC USA. Allegedly, the defendant maintained a correspondent banking account for HSBC Hong Kong. Correspondent banking is a practice in which the U.S. bank facilitates wire transfers between foreign financial institutions and their customers, even though the U.S. bank does not have a direct relationship with the institution's customers. Allegedly, between July and December 2013, thousands of investor victims of the WCM777 fraud, wire transferred over USD 37 million to HSBC Hong Kong after several United States regulators had commenced enforcement proceedings against WCM777 accounts in the United States. Allegedly, as its correspondent bank, HSBC USA processed many of these wire transfers.
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