HSBC

Company Score

-0.10
Industry Banks
Country United Kingdom
Year Added 2018
Impact Ratings 682
Impact Notes 20
SDG Covered 10 out of 17

HSBC Holdings Plc engages in the provision of banking and financial services. It operates through the following business segments: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, Global Private Banking, and Corporate Centre. The company was founded on January 1, 1959 and is headquartered in London, the United Kingdom.

Read about HSBC and its impact below.

Impact notes

Peace, Justice and Strong Institutions

HSBC allowed suspicious transactions of up to USD1.5 billion, promoting criminal operations

Profile olu omo
Icon time Mon Feb 8th, 2021 at 8:54pm

Annually, the estimated amount of money laundered is in the range of USD800bn to USD2tn, which represents 2-5% of global GDP1;p3. Money laundering promotes crime, allowing drug traffickers, smugglers, and other criminals to expand their operations2;p8. The major channel fraudsters and criminals use in money laundering is through banks and financial institutions1;p3.

Quality Education

HSBC's financial education reached over 30,000 people in 2019

Profile María
Icon time Wed Oct 7th, 2020 at 8:22am

A suitable practice to help global economic growth, sustainable development and in particular upgrade financial inclusion and well-being outcome is by investing in financial literacy programmes1;p315-year-old students with high proficiency in financial literacy are more likely than those with low proficiency to be oriented towards saving, to expect to complete a university education and to work in a high-skilled occupation, data show by a recent PISA 2015 study. Moreover, half of the adults in G20 countries achieved the minimum target score of at least six out of nine financial behaviors required to improve financial well-being1;p8.

Peace, Justice and Strong Institutions

In 2018, HSBC faced data breach spanning over 10 days exposing customer's details to hackers

Profile Sunny Dutt Sharma
Icon time Mon Aug 31st, 2020 at 1:42pm

In 2020, globally, on average, a data breach costs $3.86 million9. In the first half of 2019, 4.1 billion records were exposed due to data breaches. In 2019, cyber-crime cost businesses more than $2 trillion, and this cost is expected to reach $6 trillion by 20211. In 2018, banking industry experienced the most cyber-attacks, accounted for $18.3 million2.

Gender Equality

HSBC advocates for LGBT+ community rights in the United Kingdom

Profile Kat Licaros dela Cruz
Icon time Wed Aug 12th, 2020 at 8:48pm

According to the UN, more 1/3 of the world’s countries criminalize consensual, loving same-sex relationships, entrenching prejudice and putting millions of people at risk of blackmail, arrest and imprisonment.6

Decent work and Economic Growth

HSBC administrative glitch causes thousands of SMB loans in the UK to be wrongly assigned; about 42% applicants made to wait over a month before being turned down

Profile akayyangar
Icon time Wed Aug 5th, 2020 at 8:13am

When the earlier introduced Coronavirus Business Interruption Loan Scheme (CBILS) seemed complicated and not borrower-friendly, which lead to poor response from affected small-to-medium-sized businesses (SMBs), the UK Government came up with an alternative called the Bounce Back Loans Scheme (BBLS)1, designed to be simpler and quicker.