Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 556

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 556
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 4.21 | 4.91 |                       4.34 | 5.06 |                        2.97 |

| 396 | HSBC Holdings plcAnnual Report on Form 20-F |

Notes on the financial statements

5 Employee compensation and benefits

|                                                                    |   2024 |   2023 |   2022 |
|                                                                    |     $m |     $m |     $m |
| Employee compensation and benefits1                                | 18,465 | 18,220 | 18,003 |
| Capitalised wages and salaries2                                    |  1,688 |  1,403 |  1,285 |
| Gross employee compensation and benefits for the year ended 31 Dec | 20,153 | 19,623 | 19,288 |
| Consists of:                                                       |        |        |        |
| Wages and salaries                                                 | 17,815 | 17,359 | 16,970 |
| Social security costs                                              |  1,487 |  1,507 |  1,403 |
| Post-employment benefits                                           |    851 |    757 |    915 |
| Year ended 31 Dec                                                  | 20,153 | 19,623 | 19,288 |

1 Employee compensation and benefits are presented in the income statement net of software capitalisation costs and costs included in the insurance contract

fulfilment cash flow liabilities under IFRS 17.

2 Comprises $ 1,118m (2023: $ 1,043m ; 2022: $ 922m ) software capitalisation costs and $ 570m (2023: $ 360m ; 2022: $ 363m ) costs included in the insurance

contract fulfilment cash flow liabilities under IFRS 17.

| Average number of persons employed by HSBC during the year by global business1 |         |         |         |
|                                                                                |    2024 |    2023 |    2022 |
| Wealth and Personal Banking                                                    | 125,068 | 132,336 | 135,676 |
| Commercial Banking                                                             |  47,135 |  46,826 |  48,004 |
| Global Banking and Markets                                                     |  48,351 |  48,043 |  48,597 |
| Corporate Centre                                                               |     374 |     347 |     365 |
| Year ended