Exhibit 23.2

MERCER	155 North Wacker Drive, Suite 1500
	Chicago, IL 60606
	Phone 312 917 9900
	Fax 312 917 8999
	www.mercer.com

                       MARSH MERCER
MMC             GUY CARPENTER OLIVER WYMAN

The Board of Directors
HSBC Holdings plc

I, Jennifer Jakubowski, consent to be named as valuation actuaries of the HSBC North America (US) Retirement Income Plan in the 2010 Annual Report on Form 20-F of HSBC Holdings plc and inclusion of references to us under the heading “Experts” in the registration statements (nos. 333-10474, 333-92024, 333-102027, 333-103887, 333-104203, 333-109288, 333-113427, 333-127327, 333-126531, 333-135007, 333-143639, 333-145859, 333-155338, 333-158054, 333-158065, 333-162565 and 333-170525).

February 1, 2011

/s/ Jennifer Jakubowski  

Name and signature