Rank: 21 (Previous rank: 20)
CEO: Michael F. Geoghegan
Address: 8 Canada Sq.
London, E14 5HQ
Subprime was the story at Europe's biggest bank in 2008. More to the point, U.S. subprime. HSBC earnings fell by 70% during the year as $15.5 billion in losses at its North American operations doomed the bank. Most of the losses came from its ill-timed acquisition of Illinois-based subprime lender Household International in 2003.
Still, the bank's diversification into emerging markets (where it earns about three fourths of profits) has paid off. HSBC turned a worldwide profit of nearly $6 billion in 2008 as Hong Kong and European operations bailed out U.S. operations. But as HSBC closes retail locations in the U.S. to stop the bloodletting, analysts now worry that slowing Asian economies will be this year's story for HSBC.
Industry: Banks: Commercial and Savings
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|Company||2008 Number of Employees|
|China National Petroleum||1,618,393|