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HSBC USA INC /MD/

What Do They Do?

Provides banking and wealth services to individuals and families, and financial services to corporate and institutional clients.

How Do They Make Money?

The bank earns fees from customers for transactions, account services and asset-based wealth services, billed when a service occurs or monthly or quarterly. HSBC affiliates also pay for services monthly or when a transaction occurs.

revenue
SegmentShareRevenue
Trust and investment management fees
13%
FY2022: 12%
Other fees and commissions
56%
FY2022: 54%
Servicing and other fees from HSBC affiliates
Mix

31%
FY2022: 30%

Who Are Their Customers?

Affluent individuals and families receive banking and wealth services through wealth centers, digital channels and relationship managers; corporate and institutional clients are served by sector-focused teams and product specialists.

Do Revenues Turn Into Profits?

Yes. It kept 27 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025
102% of revenue
▲ +11% vs FY2024 ($3.8B, 101%)
Net income, FY2025
27% of revenue
▲ +33% vs FY2024 ($825M, 22%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q3 FY2026, the three months to Sep 30, 2026
Revenue
▼ −3%
vs $1.2B in Q3 FY2025
Net income
▼ −18%
vs $378M in Q3 FY2025
Other fees and commissions share of total fee income from contracts with customers vs 57.2% in Q3 FY2025

Flat. Revenue was $4.1B in FY2025, about the same as the $3.9B of FY2021.

Revenue over time
Trust and investment management fees Other fees and commissions Servicing and other fees from HSBC affiliates Total Fee Income
$2B$1B$0

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