HSBC Holdings PLC — Ethics Grade D

HSBC Holdings PLC receives an overall ethics grade of D (33/100) on CancelCo's corporate accountability database. Sector: Financial Services. Market cap: Large Cap.

Category scores

• labor: 55
• privacy: 50
• consumer: 35
• environment: 40
• humanRights: 45

Documented incidents (3)

• Cartel Money Laundering Settlement (high, 2012) — HSBC admitted to laundering hundreds of millions of dollars for Mexican drug cartels and violating U.S. sanctions by doing business with Iran, Libya, and Sudan.
• Swiss Tax Evasion Scandal (high, 2015) — Leaked documents revealed HSBC's Swiss private bank helped wealthy clients around the world evade taxes and hide billions in assets through offshore accounts.
• ASA Greenwashing Ban (medium, 2022) — The UK Advertising Standards Authority banned HSBC ads for focusing on its green initiatives while failing to disclose its continued multi-billion dollar financing of fossil fuel expansion.

Documented good deeds

• Coal Financing Phase-out — HSBC committed to phasing out the financing of coal-fired power and thermal coal mining in the EU and OECD by 2030, and worldwide by 2040.

Ethical alternatives

• Triodos Bank — A pioneer in ethical banking that only lends to organizations that create social, environmental, or cultural value.