Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 24

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 24
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 in line with our long-term values, and operate the business in a sustainable way.

| Our stakeholders are the people whowork for us, bank with us, own us,regulate us, and live in the societieswe serve and the planet we allinhabit. These human connectionsare complex and overlap. | Many of our employees arecustomers and shareholders, whileour business customers are oftensuppliers. Guided by our purpose,we aim to create value for ourcustomers and shareholders. | Our size and global reach mean ouractions can have a significantimpact. We are committed to doingbusiness responsibly, and thinkingfor the long term. This is key todelivering our strategy. |

For further details of how we are engaging with our stakeholders, see page 19 .

| HSBC Holdings plcAnnual Report on Form 20-F | 9 |

Group Chairman’s shareholder letter

| Sir Mark E TuckerGroup Chairman                                                                                                                                                                                                                                                                |
| 2024 was a year of strong performance. We continued to helpour customers navigate challenges and capture meaningfulopportunities, whilst providing increased returns for ourshareholders. Looking ahead, we have the right people andstructure to drive accelerated growth in 2025 and beyond. |

In 2024, global economic growth was mixed. In the West, the US remained an outperformer, while growth across Europe was disappointing. In Asia and the Middle East, there was broadly steady growth. With inflation falling and with signs of the labour market softening, the US Federal Reserve was able to start cutting rates, as did most advanced economies. This was against a backdrop of significant geopolitical uncertainty, heightened by numerous and consequential elections across the world. The war in Ukraine, now entering its fourth year, and the conflicts and continuing tensions in the Middle East, have had a tragic human impact. Our thoughts are with all those who have suffered and continue to experience the devastating consequences. In this context, our focus is on our customers, leveraging our global network to help them navigate the challenges and capture the opportunities that emerge. That approach, combined with the disciplined execution of our strategy, delivered another strong financial performance and increased returns in 2024. And we are very well positioned for the future. HSBC’s 160 th Anniversary 2025 will mark HSBC’s 160 th anniversary. In 1865, HSBC’s founders started out with a clear and simple objective: to establish a bank in Hong Kong and Shanghai that would facilitate local and international trade, connecting East and West, and the many