(WTAS), would purchase a portion of Andersen's tax practice.
The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals.
"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.
HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom.
August 2011: Further to CEO Stuart Gulliver's plan to cut $3.5 billion in costs over the next 2 years, HSBC announced that it will cut 25,000 jobs and exit from 20 countries by 2013 in addition to 5,000 job- cuts announced earlier in the year. business with our global network and meet the local and international needs of domestic and overseas clients", HSBC agreed to sell 195 branches in New York and Connecticut to First Niagara Financial Group Inc, and divestures to Key Corp, Community Bank, N. and Five Star Bank for around $1 billion, and announced the closure of 13 branches in Connecticut and New Jersey. In 2012, HSBC was the subject of hearings of the U. Senate permanent subcommittee for investigations for severe deficiencies in its anti-money laundering practices (see #Controversies). On 11 December 2012, HSBC agreed to pay a record $1.92 billion fine in this money laundering case.