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Guarantee Arrangements, Pledged Assets and Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Carrying Value and Contractual Amounts of our Sell Protection Credit Derivatives and Major Off-Balance Sheet Guarantee Arrangements
The following table presents total carrying value and contractual amounts of our sell protection credit derivatives and major off-balance sheet guarantee arrangements at December 31, 2023 and 2022. Following the table is a description of the various arrangements.
 December 31, 2023December 31, 2022
  
Carrying
Value		Notional / Maximum
Exposure to Loss		Carrying
Value		Notional / Maximum
Exposure to Loss
 (in millions)
Credit derivatives(1)(2)
$54 $2,992 $40 $3,949 
Financial standby letters of credit, net of participations(3)(4)
— 5,785 — 6,000 
Performance standby letters of credit, net of participations(3)(4)
— 3,320 — 3,264 
Total$54 $12,097 $40 $13,213 
(1)Includes $1,483 million and $2,744 million of notional issued for the benefit of HSBC affiliates at December 31, 2023 and 2022, respectively.
(2)For credit derivatives, the maximum loss is represented by the notional amounts without consideration of mitigating effects from collateral or recourse arrangements.
(3)Includes $2,080 million and $2,069 million of both financial and performance standby letters of credit issued for the benefit of HSBC affiliates at December 31, 2023 and 2022, respectively.
(4)For standby letters of credit, maximum loss represents losses to be recognized assuming the letters of credit have been fully drawn and the obligors have defaulted with zero recovery.
Net Credit Derivative Positions The following table summarizes our net credit derivative positions at December 31, 2023 and 2022:
 December 31, 2023December 31, 2022
  
Carrying / Fair
Value		NotionalCarrying / Fair
Value		Notional
 (in millions)
Sell-protection credit derivative positions$54 $2,992 $40 $3,949 
Buy-protection credit derivative positions(196)13,718 (32)14,598 
Net position(1)
$(142)$10,726 $8 $10,649 
(1)Positions are presented net in the table above to provide a complete analysis of our risk exposure and depict the way we manage our credit derivative portfolio. The offset of the sell-protection credit derivatives against the buy-protection credit derivatives may not be legally binding in the absence of master netting agreements with the same counterparty. Furthermore, the credit loss triggering events for individual sell-protection credit derivatives may not be the same or occur in the same period as those of the buy-protection credit derivatives thereby not providing an exact offset.
Summary of Credit Ratings of Credit Risk Related Guarantees
The following table summarizes the credit ratings related to guarantees including the ratings of counterparties against which we sold credit protection and financial standby letters of credit at December 31, 2023 as an indicative proxy of payment risk:
 Average
Life
(in years)		Credit Ratings of the Obligors
Notional/Contractual AmountsInvestment
Grade		Non-Investment
Grade		Total
 (dollars are in millions)
Sell-protection Credit Derivatives(1)
Single name credit default swaps1.4$903 $456 $1,359 
Index credit derivatives6.51,075 558 1,633 
Subtotal1,978 1,014 2,992 
Standby Letters of Credit(2)
0.96,651 2,454 9,105 
Total$8,629 $3,468 $12,097 
(1)The credit ratings in the table represent external credit ratings for classification as investment grade and non-investment grade.
(2)External ratings for most of the obligors are not available. Presented above are the internal credit ratings which are developed using similar methodologies and rating scale equivalent to external credit ratings for purposes of classification as investment grade and non-investment grade.
Summary of Pledged Assets Included in Consolidated Balance Sheet
Pledged assets included in the consolidated balance sheet consisted of the following:
At December 31,20232022
 (in millions)
Interest bearing deposits with banks(1)
$998 $878 
Trading assets(2)
3,046 1,255 
Securities available-for-sale(3)
9,773 3,179 
Securities held-to-maturity(3)
5,387 466 
Loans(4)
18,810 17,530 
Other assets(5)
934 1,319 
Total$38,948 $24,627 
(1)Represents gross amount of cash on deposit with banks primarily related to derivative collateral-support agreements, of which a majority has been netted against derivative liabilities on the consolidated balance sheet.
(2)Trading assets are primarily pledged against liabilities associated with repurchase agreements.
(3)Securities are primarily pledged against derivatives, public fund deposits, trust deposits and various short-term and long term borrowings, as well as providing capacity for potential secured borrowings from the FHLB and the Federal Reserve Bank of New York.
(4)Loans are primarily residential mortgage loans pledged against current and potential borrowings from the FHLB and the Federal Reserve Bank of New York.
(5)Represents gross amount of cash on deposit with non-banks primarily related to derivative collateral support agreements, of which a majority has been netted against derivative liabilities on the consolidated balance sheet.
Offsetting Assets and Liabilities
The following table provides information about resale and repurchase agreements that are subject to offset at December 31, 2023 and 2022:
Gross Amounts Not Offset in the Balance Sheet
Gross Amounts Recognized
Gross Amounts Offset in the Balance Sheet(1)
Net Amounts Presented in the Balance Sheet
Financial Instruments(2)
Cash Collateral Received / Pledged
Net Amount(3)
(in millions)
At December 31, 2023
Assets:
Securities purchased under resale agreements$19,382 $5,504 $13,878 $13,677 $7 $194 
Liabilities:
Securities sold under repurchase agreements$5,771 $5,504 $267 $266 $— $1 
At December 31, 2022
Assets:
Securities purchased under resale agreements$27,795 $4,710 $23,085 $23,082 $— $3 
Liabilities:
Securities sold under repurchase agreements$4,710 $4,710 $— $— $— $— 
(1)Represents recognized amount of resale and repurchase agreements with counterparties subject to legally enforceable netting agreements that meet the applicable netting criteria as permitted by generally accepted accounting principles.
(2)Represents securities received or pledged to cover financing transaction exposures.
(3)Represents the amount of our exposure that is not collateralized / covered by pledged collateral.
Class of Collateral Pledged and Remaining Contractual Maturity of Repurchase Agreements Accounted for as Secured Borrowings
The following table provides the class of collateral pledged and remaining contractual maturity of repurchase agreements accounted for as secured borrowings at December 31, 2023 and 2022:
Overnight and ContinuousUp to 30 Days31 to 90 Days91 Days to One YearGreater Than One YearTotal
(in millions)
At December 31, 2023
U.S. Treasury, U.S. Government sponsored and U.S. Government agency securities$3,107 $288 $918 $1,458 $— $5,771 
At December 31, 2022
U.S. Treasury, U.S. Government sponsored and U.S. Government agency securities$2,729 $1,074 $386 $521 $— $4,710