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HSBC would no longer seek to be 'the world's local bank', as costs associated with this were spiralling and US.5bn needed to be saved by 2013, with the aim of bringing overheads down from 55% of revenues to 48%.As part of the takeover conditions for the acquisition, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993.In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc.It was established in its present form in London in 1991 by The Hongkong and Shanghai Banking Corporation to act as a new group holding company.primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index.

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