HSBC ‘set to keep headquarters in London’

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"2">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Banking giant HSBC is reportedly set to announce plans to keep its headquarters in the UK after a high profile lengthy review&period;<&sol;p>&NewLine;<p>It is understood the decision could come as soon as this week&comma; ahead of its annual results on February 22&period;<br &sol;>&NewLine;A decision to keep its London HQ comes after UK Chancellor George Osborne has made a series of concessions to the City in recent months&period;<&sol;p>&NewLine;<p>HSBC’s review was announced in April last year by chairman Douglas Flint at the bank’s annual meeting&period;<&sol;p>&NewLine;<p>It cited increasingly onerous British regulatory conditions and the UK bank levy introduced in 2010 – a tax based on the size of any UK-based banks’ global balance sheet&period;<&sol;p>&NewLine;<p>HSBC&comma; which has much of its business based in Asia&comma; said the levy cost HSBC &dollar;1&period;1bn in 2014&period;<br &sol;>&NewLine;The bank has also had to ringfence its UK retail bank&comma; to protect customers and business clients from more risky investment divisions&period;<&sol;p>&NewLine;<p>The head office of HSBC’s UK retail bank is being relocated from London to Birmingham by 2019 amid the new rules and HSBC is said to be considering a sale of the business&comma; which was known as the Midland before being swallowed up by it in 1992&period; HSBC has 48&comma;000 of its 257&comma;000 staff in the UK&period;<&sol;p>&NewLine;<p>During its review&comma; the bank reportedly looked at bases in Hong Kong&comma; Singapore&comma; the US and Frankfurt&period;<br &sol;>&NewLine;But since then&comma; Mr Osborne said in last July’s Budget he would gradually reduce the bank levy over the coming years&period;<&sol;p>&NewLine;<p>Last year Mr Osborne also called for a ”new settlement” to end banker bashing and was widely reported to have ousted tough-minded Martin Wheatley&comma; head of City watchdog the UK Financial Conduct Authority &lpar;FCA&rpar; in July&comma; raising concerns about political influence at the regulator&period;<&sol;p>&NewLine;<p>It was announced last month that Bank of England deputy governor Andrew Bailey will replace him as chief executive of the FCA&period;<&sol;p>&NewLine;<p>At the end of December the FCA dropped its probe into banking culture&comma; set up in the wake of the billions banks paid out in fines over attempts to rig the Libor bank rate lending market&period;<&sol;p>&NewLine;<p>The UK Chancellor and the Bank of England were both forced to deny they played any part in that decision&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68e209664846d">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; 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3 COMMENTS

  1. Of course, this would have been a very bad move. London is the number one place to be and this so called move to Hong Kong will never work.

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