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In 2016, the bank was mentioned numerous times in connection with the Panama Papers investigation.Many Syrians were angered when their accounts were judged high-risk and closed, despite the bank reportedly telling Mossack Fonseca it was "comfortable" with Rami Makhlouf as a customer, even though US Treasury sanctions against him were in effect at the time.
The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals.Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on the bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico. The record of dysfunction that prevailed at HSBC for many years was astonishing." In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the U.S., leading to nearly 6,000 job losses and leaving only the credit card business to continue operating.In February 2015 the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks.The ICIJ alleges that the bank profited from doing business with tax evaders and other clients.Although it was at the centre of the subprime storm, the wider group has weathered the financial crisis of 2007–2010 better than other global banks.
According to Bloomberg, "HSBC is one of world's strongest banks by some measures".
In 2010, then-chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry.
Group Chief Executive Michael Geoghegan was expected to become the next chairman.
As of 6 July 2012 it had a market capitalisation of £102.7 billion, the second-largest company listed on the London Stock Exchange, after Royal Dutch Shell.
It has secondary listings on the New York Stock Exchange, Euronext Paris and the Bermuda Stock Exchange.
"HSBC Holdings plc", originally incorporated in England and Wales, in the United Kingdom, as "Vernat Trading Company Limited" on 1 January 1959 and then renamed "Vernat Eastern Agencies Limited" later in the same year, into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of the UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China.