HSBC USA and HSBC Bank N.A. are core operating subsidiaries of HSBC Group Plc and benefit from group support. HSBC Bank N.A. is one of the largest banks in the U.S. with a diversified set of businesses. The company is currently refocusing and restructuring its consumer and wealth management business to improve profitability. Profitability has been relatively low compared with peers'. The company relies more on capital market revenues than peers, but we expect growth in retail and commercial business to reduce this reliance over time. The ratings outlook on HSBC USA Inc. and its bank subsidiary, HSBC Bank USA N.A., is negative, reflecting Standard&Poor's Ratings Services' ratings outlook on their parent, HSBC Holdings PLC (HSBC; A+/Negative/A-1). We
