Strategic Initiatives (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Expected Restructuring and Related Costs

The following table presents a summary of the total pre-tax charges we expect to incur by reportable segment:

	Expected Charges in Connection with Restructuring Plan
	Minimum		Maximum
	(in millions)
Wealth and Personal Banking	$	50	$	56
Commercial Banking	10		14
Global Banking and Markets	115		135
Corporate Center(1)	345		385
Total	$	520	$	590

(1)Includes restructuring charges primarily related to lease impairment and other related costs, support service project costs and severance costs associated with certain centralized activities and functions.

Schedule of Changes in Restructuring Liability

The following table summarizes the changes in the liability associated with our Restructuring Plan during the three months ended March 31, 2021 and 2020:

	Severance and Other Employee Costs(1)		Lease Termination and Associated Costs(2)		Other(3)		Total
	(in millions)
Three Months Ended March 31, 2021
Restructuring liability at beginning of period	$	10	$	23	$	—	$	33
Restructuring costs accrued during the period	—		—		2		2
Restructuring costs paid during the period	(8)		(1)		(2)		(11)
Restructuring liability at end of period	$	2	$	22	$	—	$	24
Three Months Ended March 31, 2020
Restructuring liability at beginning of period	$	—	$	—	$	—	$	—
Restructuring costs recorded during the period	9		24		—		33
Restructuring costs paid during the period	—		—		—		—
Restructuring liability at end of period	$	9	$	24	$	—	$	33

(1)Severance and other employee costs are included in salaries and employee benefits in the consolidated statement of income (loss). The majority of these costs were reported in the Wealth and Personal Banking and the Global Banking and Markets business segments. Not included in these costs are allocated severance costs from HSBC Technology & Services ("HTSU") discussed further below.

(2)Primarily includes real estate taxes, service charges and decommissioning costs. Lease termination and associated costs are included in occupancy expense, net in the consolidated statement of income (loss) and were reported in the Corporate Center business segment.

(3)Primarily includes professional fees, which are included in other expenses in the consolidated statement of income (loss).