The Industry of Financial Services
The industry of financial services in the UK has long been one of the leading industries in the world. Namely, the City of London is considered can be considered the world’s leading financial centre. The role of the financial sector in the UK economy cannot be overestimated, where the industry accounts for about 8% of output and almost 14% of the tax collected. Employing over one million people, the industry adds economic value per head more than double the UK average. Additionally, despite being affected by the world financial crisis, the industry is expected to account for at least 35% of global GDP by 2020.
The Hong Kong and Shanghai Banking Corporation (HSBC) is a London based banking group, which is considered as one of the largest banking and services organisations in the world. The group has listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, with shares held by more than 220,000 shareholders in 119 countries. Established in 1865, the company grew to become a leading global financial organisation. The UK subsidiary received a £750 milli0on capital injection for the group in 2008, outlining the long time commitment of the group to the success of the business in the UK.
The company’s performance was recognised in 2009, receiving the title “Global Bank of the Year” in the Euromoney Awards for Excellence 2009, along with other 14 regional awards. With the motto “We are the world’s local bank”, the company is specialised in providing financial services, which include personal financial services, commercial banking, corporate, investment banking and markets, private banking and other activities.