Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 169

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 169
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ised wages and salaries             |     -1,688 | -1,403 | -1,285 |
| Property and equipment                     |      4,786 |  4,285 |  4,949 |
| Amortisation and impairment of intangibles |      2,235 |  1,827 |  1,701 |
| UK bank levy                               |        249 |    339 |     13 |
| Legal proceedings and regulatory matters   |        145 |    188 |    246 |
| Other operating expenses1                  |      7,163 |  7,211 |  7,789 |
| Reported operating expenses                |     33,043 | 32,070 | 32,701 |
| Currency translation                       |            |   -576 |   -472 |
| Constant currency operating expenses       |     33,043 | 31,494 | 32,229 |

1 Other operating expenses includes professional fees, contractor costs, transaction taxes, marketing and travel.

| Staff numbers (full-time equivalents)1 |         |         |         |
|                                        |    2024 |    2023 |    2022 |
| Global businesses                      |         |         |         |
| Wealth and Personal Banking            | 119,791 | 128,399 | 128,764 |
| Commercial Banking                     |  45,190 |  45,884 |  43,640 |
| Global Banking and Markets             |  45,983 |  46,241 |  46,435 |
| Corporate Centre                       |     340 |     337 |     360 |
| At 31 Dec                              | 211,304 | 220,861 | 219,199 |

1 Represents the number of full-time equivalent people with contracts of service with the Group who are being paid at the reporting date.

| HSBC Holdings plcAnnual Report on Form 20-F | 91 |

Operating expenses of $33.0bn were $1.0bn or 3% higher than in 2023, including a favourable impact of $0.6bn from foreign currency translation differences. The increase reflected higher spend and investment in technology and inflationary impacts, while performance- related pay remained stable. Operating expenses were adversely impacted by the non-recurrence of a $0.2bn reversal of historical asset impairments in 2023. These increases were partly offset by the favourable impacts from