April 3, 2020
Much has transpired since I first shared my thoughts with you on COVID-19 and how HSBC was responding to the crisis. Markets continue to fluctuate, stricter social distancing actions have been enacted and we’re seeing a rapid rise of confirmed cases in the US. The impact is far-reaching and being felt in nearly all aspects of our lives. Our new reality underscores the importance of coordination, support and resilience at home and throughout the world. While we don’t know how long this pandemic will continue, HSBC continues to do its part to help. With that in mind, I’d like to share with you some of the steps we are taking on behalf of our customers, employees and the communities we serve.
Our customers are at the heart of everything we do and we are committed to working closely with those who have been impacted by the virus. To date, we’ve helped more than 3,200 customers who asked for support. Some of these actions include relief for retail customers such as standard fee waivers (including early CD withdrawals); delaying account charges; mortgage hardship assistance, such as 90-day forbearance and foreclosure moratoriums; and an offer of fee waivers and standard payment reductions for our credit card customers. We also stand ready to work with our small business and middle market customers impacted by COVID-19.
Our employees are our strongest asset. Because of the crucial role financial services plays in our current circumstances, we are doing everything in our control to ensure the health and security of all our employees as we continue to offer banking services to our clients. This includes reduced Wealth Center hours and increased protective safety measures in physical locations. We are also acutely aware of the financial and mental toll the pandemic is taking on many of our employees. To assist with those matters, we are providing $1,000 to US employees with an annual salary at or below $75,000 and are working with third-party experts to bring the appropriate well-being resources and support to our teams.
HSBC takes great pride in supporting the communities in which we live and operate. Recently, we announced a $25 million commitment to COVID-19 relief, specifically to support the international medical response, protect vulnerable people and ensure food security around the world. Here in the US, we will focus our efforts on our partnership with Feeding America to ensure food is available to those in need. We are also working to address the impact of the crisis on the small business community. Further details will follow in the coming weeks.
HSBC has created two resource portals, one for retail customers and another for commercial banking clients. These hubs provide helpful information and important details about our relief programs. For more information about COVID-19, please visit the Centers for Disease Control and Prevention, the World Health Organization and International SOS.
We take our commitments to our customers, employees and communities seriously. Rest assured you can depend on HSBC to help you during what is a difficult time for all of us. As the situation evolves, so too will our response.
Be well, stay safe and call on us if you need assistance,
President and CEO, HSBC USA
WE ARE HERE TO SUPPORT YOU
Bank anywhere, anytime
We encourage you to access your accounts and perform routine banking transactions at home using Online Banking, the HSBC Mobile Banking App, as well as an ATM near you where you can also access cash. Chat with us online or call us at 800.975.4722 (HSBC) if you need assistance. You can find links to these services located toward the bottom of this page under the Bank anywhere, anytime section.
What you can expect
As a precautionary measure, we continue to provide daily cleaning to all of our branches with increased attention to high-touch services. We’ve made hand sanitizer and disinfectant wipes available to customers and employees. Any changes to the accessibility of our Wealth Center locations or services provided will be published on the homepage of our website www.us.hsbc.com under the heading ‘Coronavirus Notice’ for your reference.
We can help
If you’ve been impacted by Coronavirus (COVID-19) and need our support, chat with us online or call us at 866.949.2351.
For help with your Mortgage or Home Equity Line of Credit, please call 855.806.4657 or your relationship manager to discuss assistance programs that may be available to you.
Global scale and international operations
As one of the largest banking and financial services organizations in the world, we are incredibly diversified, with operations in 64 countries and territories. One of the greatest advantages is this global scale and our international operations, which gives us the ability to shift work and resources as needed. Because of our worldwide locations, we can serve clients around the clock and can often operate in multiple sites simultaneously.
Protecting your health
The most effective means for clients and employees to reduce the risk of infection is to limit potential exposure, along with good personal hygiene measures and safe food practices.
• Foremost is cleaning hands regularly with soap and water or alcohol-based hand gel and avoid putting your hands to your mouth and eyes.
• If you see someone showing potential symptoms (signs of fever, cough, or trouble breathing), maintain a safe distance.
• See the World Health Organization website for more information: Advice for the Public.
Protection from fraud and identity theft
Unfortunately, there are untrustworthy individuals that will use times of natural disasters and strife to take advantage of people. Now more than ever it’s critical to be vigilant about protecting yourself from fraud and identity theft. Don’t give someone access to your bank account before you verify who that person is and are certain that they can be trusted. Some things you can do: Keep your computer and mobile device security software up to date and regularly back up your data. Change your security settings to enable multi-factor authentication — a second step to verify who you are, like a text with a code — or accounts that support it. Change any passwords frequently and do not reuse those passwords for other accounts. Remember – no one at HSBC will ever ask you for your password. And if you suspect wrongdoing, you can forward any phishing emails to the company, bank, or organization impersonated in the email.
OUR BUSINESS IS RESILIENT
At HSBC Bank, we are monitoring the Coronavirus (COVID-19) situation closely, and we continue to implement protocols and processes in response to the spread of the virus. We are constantly monitoring our teams across businesses and functions and meet regularly to assess the global and situation and to manage local issues regarding the safety of our employees and the resilience of our businesses. We continue to take steps to protect our employees, clients and businesses based on recommendations from relevant authorities.
Implemented work arrangements
Our clients depend on us 24 hours a day, seven days a week, and we are committed to being there to help them during these unpredictable times. To do so, we have implemented plans for people to work from different locations, including primary and secondary locations, while others may be asked to work remotely. Our alternate work arrangements are intended to further balance and diversify our workforce by location in an effort to provide continuity over an extended period of time if required.
We have tested and prepared remote capabilities where applicable, allowing many employees to do their jobs away from their office. Our remote access capabilities allow employees to access systems and information that are available at their office locations. We have also invested heavily in our digital client channels to facilitate client activities and self-service functions.
Tested resiliency capabilities
We regularly plan and exercise against various events and coordinate closely with regulators, vendors and industry parties, among others, as we strive for seamless and consistent execution. During the year, we test resiliency capabilities and core functions. In fact, real-life events of the past, such as hurricanes, have helped to prepare us for rare events, including multi-day outages. Our Client Service team has various means to answer inquiries, whether through service representatives at multiple call centers, through email or other digital channels.
Travel and protection
We have restricted all international and domestic travel for all of our employees. We also instituted 14-day work-from-home precautionary periods for anyone who has returned from a high-risk area or who has been exposed to the virus. As always, we have asked employees to stay home from work if they feel sick, and to seek treatment as necessary. We have also increased preventative measures such as enhanced cleaning and disinfection procedures in our offices.
Client events and meetings
We are reviewing forward-looking client events and meetings—and alerting clients quickly about any changes. We have also asked guests to disclose if they have recently traveled to high-risk areas or have been otherwise exposed to the virus, prior to attending an event.
Communications and awareness
Our employees are provided regular updates from the firm’s Operating Committee and have access to online company resources that include regularly updated information along with policies and processes to help them manage through this period. Our client-facing teams are empowered to help with client and customer inquiries, and we have reached out to our key suppliers and third-party vendors to help them understand our policies as they relate to our Coronavirus (COVID-19) response, and to inquire into the contingency processes that they have in place.