Introduction

HSBC Holding Inc. is a British financial service company and multinational investment bank company. By 2018, it was the 7th largest bank across the globe and the largest in Europe. It originated in Hong Kong through its current form was established in London by the Shanghai and Hong Kong Banking Corporation in 1991, the main goal was for it to act a new group Holding Company (Karamoy, & Tulung, 2020). The Shanghai and Hong Kong Banking Corporation opened branches in Shanghai in 1865 and it was formally incorporated for the first time in 1866. Today, HSBC operates in 65 countries and has over 3900 offices in Asia, Africa, Europe, Oceania, South America, and North America. It served more than 38 million customers. It provides various international banking as well as financial services such as corporate and retail banking, trusteeship, trade, capital market, custody, private and investment banking, treasury as well as insurance (Huang, Lin, Wang, & Xu, 2020).

I came to undertake my placement in this organization since I had a great interest in the services offered. I have a great experience, skills, and knowledge in financial services and therefore I thought I will be better placed working in this organization. My placement was dealing with financial planning after COVID-19. I sought to understand the financial effect of the Covid-19 pandemic on this organization and steps that should be taken by the management enable the organization in recovering from the financial impact of this pandemic (Al-Ghofaily, Feinman, & Augoustides, 2020). I worked with different people during the placement, this includes the HR manager, leader of the financial department, and five employees in a different department, etc. Therefore, we were able to get the relevant information to help in accomplishing the objective of this study.

WBL question

• How was HSBC Holding Inc.’s financial situation before the pandemic?
• How has this organization been affected financially after the outbreak of the COVID -19 pandemic?
• What are the steps that can be taken by the management and other stakeholders to mitigate this effect and prevent them from disrupting the organization’s progress?
• What measures should be enacted to ensure the organization is always prepared and able to prevent similar effects in the future.

Aim of the study

Since the outbreak of COVID-19 in December 2019, many organizations have been affected in various. From the onset, many companies and businesses across the globe underrated the effect of this pandemic and therefore they did not find any reason to set up measures in place to keep from its adverse impact on the management and operation of the organization. In regard, most of these organizations are not on the verge of collapsing (Khan, & Naushad, 2020). In regard, the primary objective of this research is to find out the financial challenges this pandemic caused in HSBC Holdings Inc. besides, the research should provide a lasting solution by demonstrating the process of financial planning that this organization should adopt after COVID-19 so that it can achieve its long and short goals within the stipulated time (Burke, et al. 2020). Hence, some of the specific objective this study will focus on include;

1. Type of profit-generating projects to be established by this organization to help the management recover the money used to cater for the impact of COVID-19.
2. Identify the unnecessary use of financials which this organization should get rid of.
3. Find out whether there is a need to borrow money from other organizations to handle the challenges caused by the pandemic.  

Secondary research

The outbreak of COVID-19 is first and foremost a human tragedy that affects almost every human being across the globe. Besides, it has an adverse impact on the world economy. The pandemic continues to spread at a high speed across the globe. According to Trudeau, today, there is at least one case of this disease in every country worldwide. Countries are at a different stage of this pandemic and it is quite unfortunate that some of the measures taken do not seem to bear fruits (Trudeau, McLarney, 2017). For instance, some that were effective at initial containment such as Hong Kong and Singapore have experienced a resurgence, and not they are developing more measures to address it. However, others such as countries in Western Europe are experiencing declining the number of cases and therefore the government agencies are debating on the right procedure to reopen the economy. Hence, it is a critical situation that the world is in and leaders should come together and deliberate on the best way forward to prevent this planet from going down the drain (Mann, 2020).

Based to McDermott’s arguments, the banking and capital market have been affected as well. They have no choice but to rewrite the pandemic playbook and remain hyper-vigilant as the circumstance with Covid-19 evolves. As much as it is reassuring to observe some monetary policy and aggressive fiscal policy response across the globe already, clarity based on how such actions will accelerate the path to normalcy and stabilize the market is yet to emerge (McDermott, & Newman, 2020). The uncertainty created by this pandemic is likely to remain for the foreseeable future. In this regard, banks and other financial institutions should consider the immediate need of their clients by providing them with a practical alternative that will keep them from feeling the financial heat from this pandemic. They should support economic activity, market as well as facilitating a quick return to stability. If the capital markets and banking firms respond effectively to these unprecedented challenges, they will play a major role in increasing trust, enhancing the reputation of the banking industry as well as helping the society.

HSBS Holdings Inc. is one of the financial institutions that have highly been affected by the Covid-19 pandemic. Based on the tough financial challenges caused by this pandemic, this organization seeks to start massive job cutting programs and restructuring. In February, the management announced that it was intending to slash around 35,000 jobs as well as reduce the size of the organization branch network by a third. By taking this step, it sought to save $4.5 billion by 2022. However, the management has not conclusively established a decision since they are not certain when the pandemic will end. Doctors have not come with a cure and therefore the organization faces a dark future of which it has no idea how its outcome will be. The COVID -19 outbreak continues to get worse, which should that the management will keep on restructuring the timetable hoping that things might change for better in the future.

Besides, the management is also planning to exit unprofitable clients’ relationship which may be causing the organization to incur unnecessary expenses. This will play an important role in ensuring more money is saved toward a worthy cause. Besides, the management of this organization is also hesitant about ditching clients without meeting them and explain the reason for the action. However, the virus does not allow a face to face meeting and therefore the management has no choice but to risk losing the customers. This is quite unfortunate since when things go back to normal, such customers will not come back to this company but will be absorbed by the competitors. This will be a great disadvantage to the organization since chances are that it will no longer dominate the market as it has been doing for years. There will be stiff competitions which will affect the time need by this organization to recover from the effect of the pandemic. This demonstrates that there is a possibility that the quality of these services will be change and therefore drive the customers away to the competitors. Hence, coming up with financial planning is necessary. It will enable the leaders to understand what needs to be done to ensure the progress of the organization is not interrupted and it maintains the same quality of services that play an important role in maintaining its clients.

According to Nicola, after the first quarter of the profit almost halved in HSBC Holdings PLC, the management warned of other more loan losses, hence there is a likelihood that the bad loans will be highest in about nine years (Nicola, et al. 2020). Matarazzo is of the view that the COVID-19 will lead to lower central bank interest rates squeezed margins and also result in sustained pressures on revenues. There might other potentially significant credit losses due to a rise in fraudulent activity (Matarazzo, & Wiens, 2017). According to Noel Quinn, the Executive Chef, the economic impact due to this pandemic on the customers of this financial institution is the primary driver of the change that is enacted in the financial performance since the beginning of the year. Compared to last year, there was material fall in reported profit before the tax due to a resultant increase in expected credit losses that were experienced in the first quarter.

According to Selmi, for January –Match, the profit before tax was $3.2 billion, which was a reduction from $6.2 in one year Besides, due to weakening oil prices, significant charge, as well as the effect of Covid-19, the expected credit impairment charges for the bank, was increased by a hefty $2.4 billion to $3 billion (Selmi, & Bouoiyour, 2020). This is a demonstration of the serious times in which the world is experiencing. Everything has fallen apart which calls for quite measures to salvage the economy and normalize things to save the economy and ensure people’s lifestyle is well enhanced despite this pandemic. However, actions fail to be taken, the future of this planet will be at great risk, people will suffer and the economy will also take longer to recover even after the COVID-19 pandemic comes off the end. Therefore, as doctors continue with their efforts to seek a medical solution to these challenges, the economist, professional, and experts in different fields should come up with a temporary measure that will provide people with relief and ensure their lifestyle is well enhanced. Sulkowski argues that due to the severity of the economic downturn, the management of the HSBC holding Inc. asserts that for the full year 2020, the provisions could surge to between $7 billion to $11 billion (Sułkowski, 2020). Ewen Stevenson, the HSBC chief financial officer said that it is very much premised on views on how severe and how long this pandemic has impacted on economy. According to Ewen, Hong Kong, and China may be on the path to recovery, the US, the UK, and Western Europe may experience their trough in the second quarter. However, there seems to be a very wide spectrum of what might happen including what some countries are referring to as ‘the second wave’. Ewen adds that the current crisis may appear very different from what was imagined by many financial institutions across the globe such as the Bank of England in its annual cyclical scenario – also referred to as annual stress tests, which determine whether the bank has the potential to weather a severe economic downturn (Fernandes, 2020).

McKibbin says that other HSBC leadership is of the view that there is a great risk that businesses in various sectors may find it very difficult to clear their debts. During the first stages if outbreak, organizations involved in gas and oil industries as well as consumers and transport sectors have been the worst hit. Hence, there is uncertainty on the long terms impact of the outbreak, which may not be accounted for in the forecasts (McKibbin, & Fernando, 2020).

According to Thakor, as part of financial planning, financial institutions such as HSBC Holdings Inc. should have measures in place to help their clients through these uncertain times. The management should be working hard to ensure that they support and advise them on how to go about in these challenging moments. (Thakor, 2020). Besides, they should be committed to minimizing any for disruption on their services. This can be done through monitoring of COVID-19 situation and liaise with the public health as well as the government officials in addressing these issues. Taking good care of the clients is part of financial planning. Their advice and support in which this organization will offer to the customers will enable them to have some form of independence that will provide an opportunity to the management of HSBC Holdings Inc. to plan for their financials and plan effectively for the future. Once this has been done, the COVID-19 pandemic will not have much adverse effect on the organization.

Hence, there should be good preparation. McLaughlin argues that an organization should do everything possible to ensure they keep the progress and there is little or no disruption by the pandemic. There should also be a platform to exchange ideas on how to solve the long and short term challenges caused by this pandemic. Leaders should form strong teams that are willing to do everything in their capacity to ensure normal activities are still going on (McLaughlin, Mitchell, & Thierer, 2020).

Primary research

For the success of this exercise, researchers had to come up with effective methods of data collection. This would use get the relevant information that would help us draw the right conclusion from this issue and determine the right steps and measures that should be taken to provide lasting solutions to the challenges caused by COVID-19 pandemic in financial institutions (Kynaston, & Roberts, 2015). However, choosing these methods was not easy for researchers. They had to consult widely from various personnel including medical practitioners so that they can ensure they observe the guidelines established to prevent further spreading to the coronavirus. The most effective methods which the researchers came up with include the interviews, questionnaires, and observation.

Interviews

This is defined as the conversation between the researchers and participants that is meant to gather information concerning the subject of study. The conversation process is coordinated by the researchers where they ask questions relevant to the subject of the study and the participants respond based on what they know or feel should be the right answer. The interviewers ensure they record everything said by the participants to help them when doing the analysis.

Researchers arrived at this method since it is very effective in the collection of data (Koonin, 2020). They came up with a plan to which would guide them on visiting particular HSBC Holdings back in the UK. The participant would include the institution’s leadership, employees, and other stakeholders such as customers. The role of the researchers was to find out how Covid-19 has affected the bank financially since the first cases were reported in the UK. They will ask a different question to a different group, which will enable them to save time and get clear information based on the situation on the ground. For instance, the researchers will seek leadership on what they were doing to mitigate the financial effect of these diseases. Besides, they will seek to understand how the employees how their delivery of duties and responsibilities have affected time among other questions.

Both the individuals and group interviews were carried out. Individuals interviewed were restricted to seniors’ leaders of different HSBC organization while the group interview was meant for the employees. Since it might be hard to meet some of the leaders in their offices due to other commitments or tight schedule, the phone interview will be used as well. The leaders will be called researchers and asked questions concerning the research subject. However, in light of the guidelines that have been established to prevent the spread of coronavirus, the groups will not be large, they will have a minimum of 5 people. Besides, it will be the responsibility of researchers to ensure that they keep the social distance and they always put on their masks. Each individual in a group interview will be allowed to contribute to the issue at hand.

Questionnaire

This is another method used by researchers to collect information. It refers to a research instrument comprising of various questions that help the researcher get the information they need from respondents. Questionnaires provide the researchers with a cheap, efficient as well as a quick way of obtaining a large amount of information from various samples (King, Horrocks, & Brooks, 2018).

This is the most common method used by researchers in this era of the Covid-19 pandemic. After the researchers have designed questionnaires form, they post them online such that the respondents can access them using their smartphone as well as other devices such as a laptop. Online filling of questionnaires is highly recommended since it discourages crowding of people which is breeding ground for the coronavirus. However, the researchers targeted people with information concerning HSBC Holding Inc. they communicated in advance to the leaders of various branches of these organizations and request them to ask their employees to access these forms and fill them whenever they are free.

There are various reasons why the researchers arrived at this method. For instance, it provides the respondents with time to think concerning their answers because they are required to reply immediately. Besides, questionnaires can be used to sensitive topics that most users may not feel comfortable when engaging the interviewer. They also save time since a large sample of a particular population can be contacted at a low cost. Information is also collected in a standardized way. In regard, questionnaires provided the researchers with a lot of advantages and they were able to receive the information they needed within a short time.

Observation

Researchers also applied the concept of observation in data collection. This is a method where one gathers knowledge and information in the field by observation. In most cases, researchers in these cases aim to focus their observation on human behavior or interaction with the researched phenomena (Mamaysky, 2020). In these cases, researchers visited different HSBC institutions to observe the effect that the coronavirus had on their operation as well as the management. they started by seeking consent from the management of different branches of HSBC Holding Inc. and once it was granted, they had to carry out the required materials for recording what they observed so that they could use it in the analysis stage. The researchers were interested to find out if there were employees fired in a certain branch due to the effect of the COVID-19 pandemic. Moreover, they sought to find out if there were any measures that management had put in place to handle the challenges caused by the coronavirus pandemic.

Challenges

Data collection exercise was quite challenging, this was due to the measures that different organizations have sent in place to prevent further spread of COVID-19 pandemic. They do not entertain visitors since they fear that they might be affected and spread to others. Hence, there were so many restrictions that did not provide a friendly environment for the researchers to collect information as they wanted. In regard, based on such restrictions, the quality of data was highly affected. If I was to undertake the project again, I would communicate with the organization management much in advance and find out rules and regulations I am supposed to observe while collecting information within the organization environment. Hence, I will be prepared and ensure I collect data in a way that I will achieve both long and short term goals on time.

Evaluation

As I carried out secondary research, I have learned important insights based on how HSBC Holdings Inc. can have effective financial planning after the Covid-19 pandemic. For instance, I found out that these challenges can best be addressed by assessing operational and financial risk and responding as quickly as possible. Financial institutions will need to directly monitor cost escalation as well as their impact on overall renegotiating, product margins, and intervening where necessary (Bandyopadhyay, 2020). An organization that is unable to renegotiate new terms and conditions or slow to react may be vulnerable to the financial stress that could lead to long term implications.

The same way that organization may need to monitor their vulnerabilities, it will also be important for them to monitor the pressures which may be affecting their stakeholders such as suppliers, customers, alliance partners, and contractors. Financial institutions will ensure they support the stakeholders by advising them to adopt practices that enable them to save money and avoid wastage during this period. The management of these institutions will need to have professionals and experts to constantly advise them on the measures they will require to have as well as the long term strategy to handle all the issues to do with finances. They should also be looking for opportunities to enhance their profit maximization such that they will not be overly affected by the aftermath of the COVID-19 pandemic.

I have also learned from the literature review on the evaluation of short term liquidity. Organizations should instill short term cash flow monitoring discipline which provides an opportunity for them to predict the pressure relating to cash flow and therefore intervene on time. Besides, they should learn the technique of maintaining strict discipline on working capital especially managing inventory buildup as well as collecting receivables. Moreover, one should proactively intervene and be creative in the working capital cycle. For the time in which this pandemic will last, HSBC Holding Inc. should maintain regular contact with stakeholders so that it can always foresee any potential risks.

Based on my secondary research, I learned that it is possible for the HSBC Holding to mitigate its financial loss and challenges that will be caused by Covid-19. This is by planning for recovery now and not later. It was impossible to predict this pandemic using forecasting tools and conventional wisdom. However, companies have many lessons to learn and carry forward after the pandemic. In the meantime, the organization should be taking action and deciding to prevent financial loss during this crisis. In regard, to the crisis, the company that will have the agility and resilience to reshape its business strategy will stand out and therefore thrive in the future. Therefore, HSBC Holding should start putting measures in place today to enhance their financial planning. After the pandemic, it will not be affected compared to organizations that are waiting for a pandemic to end so that they can start planning (Barua, 2020).

At the organization’s site, I learned that the management, as well as the employees, are not taking the exact measures highlighted in the literature. There is a lot of laxities, which might cost the organization in the future. Most of the important steps highlighted in different literature based on how effective a financial organization can overcome challenges highlighted by the pandemic are no longer observed. Hence, leaders have to constantly remind the employees to observe the established guidelines to mitigate the financial effect of COVID-19 pandemic. After carrying out this research, there is no need for modifying the questions since there are still relevant.

Conclusion and recommendation

The effect of Covid-19 on an organization is real. It has caught the majority of them off-guard and therefore, they are do not understand what they should do to mitigate the negative effect of this pandemic. Based on this research, the HSBC holdings should start preparing and planning on its finances immediately to keep from complicating its situation. The management should ensure they have enough financial professionals and experts with advanced knowledge, skills, and expertise on the financial matter and how to help the organization seal every loophole where it is likely to experience any financial losses.

They should minimize loans since it is hard for them in the future as interest increases yet it is not known when the solution of this pandemic will be found. If such steps are taken, it will be easier for the organization to handle the challenges that might crop after the pandemic and also ensure its financial planning is effective and will enable the management to achieve its long and short term financial goals. Besides, leaders have a great responsibility to prepare psychologically the employees and other stakeholders so that they can play a role in helping this organization plan effective for their financials in the face of this pandemic.

Recommendations

1. HSBC Holdings Inc. management should invest more and start several income-generating projects to have extra money that should be used to run several functions in this organization.
2. Besides, the management should carry out a thorough and comprehensive analysis of all the functions carried out in the organization, they will identify some functions that are not necessary and therefore get rid of them. This will play get more money to save or generating them to other important functions.

Reflective statement

After taking this assignment, I have learned that organizations that have taken steps in establishing practical steps in planning for the finances, as well as other aspects, will not be highly affected compared to the organizations that are not planning for the effects of COVID-19 pandemic. Hence, leaders in organizations should be committed to finding out the least they can do to protect their organization from going down the drain. The financial institutions will be more affected, their survival depends more on the money they receive from various sources. This is quite unfortunate since the COVID-19 pandemic will affect and reduce the money circulating in the economy (Hafiz, Oei, Ring, & Shnitser, 2020). Hence, most of these institutions will collapse after they lack money to support their operation.

This is why it is very important for the HSBC Holding to consider the recommendation highlighted in this study since they will play a role in ensuring they have sufficient sources of money to enhance their operation and to keep running in the face of this pandemic. Since we are living in serious times that no one anticipated, employees should be more understanding, set their interest aside, and sacrifice for their organizations (Bartik, Bertrand, Cullen, Glaeser, Luca, & Stanton, 2020). Hence, employees in HSBC should be ready to bear with the changes made in this organization to ensure it survives this hard time. Therefore, they should cooperate with leaders and get ready to make any sacrifice including the reduction of their salary. Such cooperation will go a long way in enabling the organization to stand out and survive these hard times. This assignment has changed how I think and judges at issues in this time of COVID-19 pandemic. As an employee, I should be selfless and do everything to help my organization deal with the challenges caused by this pandemic. If people show such kind of cooperation, it will take a short time to have a lasting solution to this pandemic and things will go back to normal (Albulescu, 2020).

References

Albulescu, C. (2020). Coronavirus and financial volatility: 40 days of fasting and fear. arXiv preprint arXiv:2003.04005.

Al-Ghofaily, L., Feinman, J. W., & Augoustides, J. G. (2020). Fellowship training in adult cardiothoracic anesthesiology–navigating the new educational landscape due to the coronavirus crisis. Journal of Cardiothoracic and Vascular Anesthesia.

Bandyopadhyay, S. (2020). Coronavirus Disease 2019 (COVID-19): we shall overcome. Clean Technologies and Environmental Policy, 1.

Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020). How are small businesses adjusting to COVID-19? Early evidence from a survey (No. w26989). National Bureau of Economic Research.

Barua, S. (2020). Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic. SSRN Electronic Journal https://doi org/10/ggq92n.

Burke, L., Burton, D. R., Fishpaw, M., Greszler, R., Michel, A., Michel, N., … & Winfree, P. (2020). The Senate’s Coronavirus Bill: Bailouts, Missed Opportunities, and Positive Reforms. Heritage Foundation Backgrounder, (3479), 2020-03.

Corbet, S., Larkin, C. J., & Lucey, B. M. (2020). The Contagion Effects of the COVID-19 Pandemic: Evidence from Gold and Cryptocurrencies. Available at SSRN 3564443.

Esaiasson, P., Sohlberg, J., Ghersetti, M., & Johansson, B. (2020). How the coronavirus crisis affects citizen trust in government institutions and in unknown others.

Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504.

Fornaro, L., & Wolf, M. (2020). Covid-19 coronavirus and macroeconomic policy.

Guerrieri, V., Lorenzoni, G., Straub, L., & Werning, I. (2020). Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages? (No. w26918). National Bureau of Economic Research.

Gunay, S. (2020). COVID-19 Pandemic Versus Global Financial Crisis: Evidence from Currency Market. Available at SSRN 3584249.

Hafiz, H., Oei, S. Y., Ring, D. M., & Shnitser, N. (2020). Regulating in Pandemic: Evaluating Economic and Financial Policy Responses to the Coronavirus Crisis. Boston College Law School Legal Studies Research Paper, (527).

Huang, Y., Lin, C., Wang, P., & Xu, Z. (2020). Saving China from the Coronavirus and Economic Meltdown: Experiences and Lessons. Available at SSRN 3570696.

Karamoy, H., & Tulung, J. E. (2020). The effect of financial performance and corporate governance to stock price in non-bank financial industry. Corporate Ownership & Control, 17(2).

Khan, N., & Naushad, M. (2020). Effects of Corona Virus on the World Community. Available at SSRN 3532001.

King, N., Horrocks, C., & Brooks, J. (2018). Interviews in qualitative research. SAGE Publications Limited.

Koonin, L. M. (2020). Novel coronavirus disease (COVID-19) outbreak: Now is the time to refresh pandemic plans. Journal of business continuity & emergency planning, 13(4), 1-15.

Kynaston, D., & Roberts, R. (2015). The lion wakes: a modern history of HSBC. Profile Books.

Mamaysky, H. (2020). Financial Markets and News about the Coronavirus. Available at SSRN 3565597.

Mann, C. L. (2020). 8 Real and financial lenses to assess the economic consequences of COVID-19. Economics in the Time of COVID-19, 81.

Matarazzo, J. D., & Wiens, A. N. (2017). The interview: Research on its anatomy and structure. Transaction Publishers.

McDermott, M. M., & Newman, A. B. (2020). Preserving clinical trial integrity during the coronavirus pandemic. Jama.

McKibbin, W. J., & Fernando, R. (2020). The global macroeconomic impacts of COVID-19: Seven scenarios.

McLaughlin, P. A., Mitchell, M. D., & Thierer, A. D. (2020). A Fresh Start: How to Address Regulations Suspended during the Coronavirus Crisis. Mercatus Special Edition Policy Brief.

Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., … & Agha, R. (2020). The Socio-Economic Implications of the Coronavirus and COVID-19 Pandemic: A Review. International Journal of Surgery.

Selmi, R., & Bouoiyour, J. (2020). Global Market’s Diagnosis on Coronavirus: A Tug of War between Hope and Fear.

Sułkowski, Ł. (2020). Covid-19 Pandemic; Recession, Virtual Revolution Leading to De-globalization?. Journal of Intercultural Management, 12(1), 1-11.

Thakor, M. (2020). Trust and the lending activities of banks and fintech firms. Economics.

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Introduction

Its financial service company
Its 7th largest bank across the globe
Originated in Hong Kong
Currently operates in 65 countries
Offers banking as well as financial services
It served more than 38 million customers

WBL question

How was HSBC Holding Inc.’s financial situation before the pandemic?
How has this organization been affected financially after the outbreak of the COVID -19 pandemic?
What are the steps that can be taken by the management and other stakeholders to mitigate this effect and prevent them from disrupting the organization’s progress?
What measures should be enacted to ensure the organization is always prepared and able to prevent similar effects in the future.

Aim of the study

Effects of COVID-19
Effect of this pandemic
organizations are not on the verge of collapsing
Find out the financial challenges this pandemic caused in HSBC Holdings Inc
Lasting solution
Some of the specific objective this study will focus on include;
Type of profit-generating projects to be established by this organization to help the management recover the money used to cater for the impact of COVID-19.
Identify the unnecessary use of financials which this organization should get rid of.
Find out whether there is a need to borrow money from other organizations to handle the challenges caused by the pandemic.

Secondary research

COVID-19 is human tragedy that affects human being
It has an adverse impact on the world economy
Measures taken do not seem to bear fruits
Banking and capital market have been affected
Provide a practical alternative

Secondary research

massive job cutting programs and restructuring
intending to slash around 35,000 jobs
reduce the size of the organization
sought to save $4.5 billion
not conclusively established a decision
organization faces a dark future
COVID -19 outbreak continues to get worse

Primary research

effective methods of data collection
consult widely from various personnel
The most effective methods;
Interviews
Questionnaire
Observation

effective methods of data collection
consult widely from various personnel
The most effective methods;
Interviews
Questionnaire
Observation

Evaluation

important insights based on how HSBC Holdings Inc.
challenges can best be addressed by assessing operational and financial risk
Financial institutions will need to directly monitor cost
ensure they support the stakeholders
institutions will need to have professionals and experts
HSBC Holding to mitigate its financial loss and challenges

Conclusion

Covid-19 on an organization is real
Companies don’t understand what they should do
HSBC holdings should start preparing and planning
Companies must have enough financial professionals and experts
minimize loans
Ensure financial planning is effective
leaders have a great responsibility

Recommendation

Invest more and start several income-generating
Have comprehensive analysis of all the functions
Identify some functions that are not necessary
Get more money to save
Generate money for other important functions.

References

Albulescu, C. (2020). Coronavirus and financial volatility: 40 days of fasting and fear. arXiv preprint arXiv:2003.04005.
Al-Ghofaily, L., Feinman, J. W., & Augoustides, J. G. (2020). Fellowship training in adult cardiothoracic anesthesiology–navigating the new educational landscape due to the coronavirus crisis. Journal of Cardiothoracic and Vascular Anesthesia.
Bandyopadhyay, S. (2020). Coronavirus Disease 2019 (COVID-19): we shall overcome. Clean Technologies and Environmental Policy, 1.
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020). How are small businesses adjusting to COVID-19? Early evidence from a survey (No. w26989). National Bureau of Economic Research.
Barua, S. (2020). Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic. SSRN Electronic Journal https://doi org/10/ggq92n.
Burke, L., Burton, D. R., Fishpaw, M., Greszler, R., Michel, A., Michel, N., … & Winfree, P. (2020). The Senate’s Coronavirus Bill: Bailouts, Missed Opportunities, and Positive Reforms. Heritage Foundation Backgrounder, (3479), 2020-03.
Corbet, S., Larkin, C. J., & Lucey, B. M. (2020). The Contagion Effects of the COVID-19 Pandemic: Evidence from Gold and Cryptocurrencies. Available at SSRN 3564443.
Esaiasson, P., Sohlberg, J., Ghersetti, M., & Johansson, B. (2020). How the coronavirus crisis affects citizen trust in government institutions and in unknown others.