UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported): March 26, 2014 (March 26, 2014)
HSBC USA INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Maryland | 1-7436 | 13-2764867 |
(State or other jurisdiction of incorporation ) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
452 Fifth Avenue
New York, New York, 10018
(Address of Principal Executive Offices, Including Zip Code)
(212) 525-5000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
On March 26, 2014, HSBC North America Holdings Inc. (“HSBC North America”), the indirect parent company of HSBC USA Inc., announced that the Board of Governors of the Federal Reserve System had informed HSBC North America, that it did not object to HSBC North America’s capital actions but, that it did object to its capital plan submitted for the 2014 Comprehensive Capital Analysis and Review due to weaknesses in its capital planning processes. HSBC North America will be required to resubmit its capital plan incorporating enhancements to its processes.
A copy of HSBC North America’s press release is attached as exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description of Exhibit | |
99.1 | Press Release dated March 26, 2014 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
HSBC USA Inc. | |||
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By: | /s/ Steven G. Ekert | ||
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Name: | Steven G. Ekert | ||
Title: |
Senior Executive Vice President, Chief Risk Officer
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Date: March 26, 2014 |
Index to Exhibits
Exhibit No. |
Description of Exhibit |
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99.1 | Press Release dated March 26, 2014 | |||||
Exhibit 99.1
HSBC North America Holdings Inc. CCAR 2014 Result
New York – March 26, 2014 – The Board of Governors of the Federal Reserve System (Federal Reserve) informed HSBC North America Holdings Inc. (HSBC North America), the indirect parent company of HSBC USA Inc. (HSBC USA) and HSBC Finance Corporation, that it did not object to HSBC North America's capital actions, including payment of dividends on outstanding preferred stock of HSBC North America and its subsidiaries.
The Federal Reserve informed HSBC North America that it objects to its capital plan submitted for the 2014 Comprehensive Capital Analysis and Review (CCAR) due to weaknesses in its capital planning processes. HSBC North America will be required to resubmit its capital plan incorporating enhancements to its processes.
In the Federal Reserve's Dodd-Frank Act Stress Test results issued on March 24, 2014, HSBC North America had the strongest minimum total capital ratio, after the impact of the supervisory severely adverse scenario, compared to its peer CCAR firms, an indication of the capital and financial strength of HSBC North America.
The Dodd-Frank Act Stress Test results are based solely on hypothetical adverse scenarios and should not be viewed or interpreted as forecasts of expected outcomes or capital adequacy or of the actual financial condition of HSBC North America. Capital planning and stress testing for HSBC North America may impact HSBC USA’s future capital and liquidity.
The Federal Reserve does not permit bank holding companies to disclose confidential supervisory information including the reason for an objection to a capital plan submitted for CCAR.
Media inquiries:
Rob Sherman +1 212-525-6905 robert.a.sherman@us.hsbc.com
Notes to editors:
HSBC North America Holdings Inc. is the holding company for HSBC Holdings plc's operations in the United States and, at 30 September 2013, had assets of US $309.3bn (US GAAP). The company’s businesses serve customers in the following key areas: retail banking and wealth management, commercial banking, private banking, and global banking and markets.
HSBC USA Inc. and its subsidiaries including HSBC Bank USA, N.A. (collectively, HUSI) offer a full range of traditional banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments.
HSBC Finance Corporation, through its subsidiaries, owns and services a portfolio of residential real estate loans. HSBC Finance is a subsidiary of HSBC North America Holdings Inc.
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