Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 507

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 507
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 and the US, the UK, the EU and other countries; – reports and updates regarding regulatory and internal stress testing. In 2024 the Bank of England completed their Desk Based Stress Test exercise to assess the resilience of the UK banking system. The stress scenario explored the potential impacts of a number of adverse macroeconomic conditions, including global aggregate demand and supply shock, global commodity prices and supply-chain disruptions from increased geopolitical tensions, uncertain inflation across advanced economies and rapidly changing interest rates. Additionally, HSBC completed the 2024 Group-wide internal stress test, which explored the impact of two contrasting scenarios depicting severe macroeconomic conditions over a five-year period, reflecting banking sector strains and global economic stress. The results of both these exercises indicated the Group is sufficiently capitalised to withstand severe but plausible adverse stress; – the results of our 2024 internal climate scenario analysis exercise further demonstrate the Group is sufficiently capitalised to withstand severe stress. Further details of the insights from the 2024 climate scenario analysis are explained from page 253 of thi s annual report on Form 20-F; – reports and updates from management on risk-related issues selected for in-depth consideration; – reports and updates on regulatory developments; – legal proceedings and regulatory matters set out in Note 35 of the financial statements in this annual report on Form 20-F; and – reports and updates from management on the operational resilience of the Group.

Employees At 31 December 2024, HSBC had a total workforce equivalent to 211,000 full-time employees compared with 221,000 at the end of 2023. Our main centres of employment were India with approximately 44,000 employees, the UK with 35,000, mainland China with 33,000, Hong Kong with 27,000, and Mexico with 16,000. Our business spans many cultures, communities and continents. We aspire to provide a high-performing environment where our colleagues can fulfil their potential by building their skills and capabilities while focusing on the development of a diverse and inclusive culture. We use employee surveys to assess progress and make changes. We want to provide an open culture, where our colleagues feel connected and supported to speak up, and where our leaders encourage and use feedback. Where we make organisational changes, we support our colleagues, in particular where there are job impacts.

| HSBC Holdings plcAnnual Report on Form 20-F | 357 |

Employee relations We consult with and, where appropriate, negotiate with employee representative bodies where we have them. It is our policy to maintain well