Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 188

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 188
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MB and GBM revenue                                                  | 39.1 | 39.0 |
| Allocated revenue and other1                                         | -1.3 |  0.9 |
| Client facilitation in Fixed Income and Equities                     | -5.6 | -4.8 |
| Gain on acquisition of SVB UK                                        |    — | -1.6 |
| Wholesale client revenue                                             | 32.3 | 33.5 |
| –  clients banked in multiple jurisdictions (‘multi-jurisdictional’) | 20.0 | 20.4 |
| –  domestic only clients                                             | 12.3 | 13.1 |

1 Including allocations of Market Treasury revenue, HSBC Holdings interest expense and hyperinflationary accounting adjustments, and interest earned on capital held in the global businesses.

| HSBC Holdings plcAnnual Report on Form 20-F | 135 |

Other information Contents

| 135 | Disclosure controls                                                  |
| 135 | Management’s assessment of internal controls over financialreporting |
| 135 | Regulation and supervision                                           |
| 141 | Disclosures pursuant to Section 13(r) of the Securities ExchangeAct  |

Disclosure controls The Group Chief Executive and Group Chief Financial Officer, with the assistance of other members of management, carried out an evaluation of the effectiveness of the design and operation of HSBC Holdings’ disclosure controls and procedures as at 31 December 2024. Based upon that evaluation, the Group Chief Executive and Group Chief Financial Officer concluded that the disclosure controls and procedures at 31 December 2024 were effective to provide reasonable assurance that information required to be disclosed in the reports that the company files and submits under the US Securities Exchange Act of 1934, as amended, is recorded, processed, summarised and reported as and when required. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Management’s assessment of internal controls over financial reporting Management is responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting, and has completed an assessment of the effectiveness of the Group’s internal controls over financial reporting for the year ended 31 December 2024. In making the assessment, management used the framework for internal control evaluation contained in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting