Banking reforms may drive HSBC from City base
by Gill Montia
Story link: Banking reforms may drive HSBC from City base
A senior HSBC executive has warned that the bank may relocate its London headquarters if the Government insists that UK domiciled banks separate out their retail and investment activities.
HM Treasury’s Independent Commission on Banking is currently examining the systemic risk posed by the size, complexity and interconnectedness of Britain’s larger banks, and HSBC’s head of investment banking, Stuart Gulliver, has warned that the review has “significant implications” for the location of the group’s headquarters.
Europe’s biggest bank moved its headquarters from Hong Kong to London in 1991 but earlier this year, group chief executive, Michael Geoghegan, returned to Hong Kong saying he was responding to the shift in the world’s centre of economic gravity, from West to East.
At the time, the bank reaffirmed its commitment to the UK and HSBC Holdings continues to be resident for tax purposes.
The group posted pre-tax profits of £7.2 billion in the first half of 2010, profit having more than doubled year-on-year.
The UK accounted for 52% of European earnings, as international trade volumes and mortgage lending increased.
Some of HSBC shareholders like myself have know it was just time untill they moved from London. Mr Stuart Gulliver Pay and Bonus 2008 – 2010
PAY £ 2,400,000
CASH BONUS 20008 £ 5,592,000
RESTRICTED SHARE PLAN AWARDS £ 9,000,000
SHARE PLAN AWARDS £ 4,073,000
Mr Green Mr Geoghegan Mr Flint have been awarded £71,840,000
THAT IS A TOTAL OF £92,905,000 FOR 4 PEOPLE
PLEASE DO NOT BUY A LOTTERY TICKET JUST JOIN HSBC BOARD ????????
Is it really about the British Goverment or is it something else. As SHAREHOLDER while they are in the UK I know that we are able to question them and their actions. People should look at what their customers in India are saying about when they complain. Just put in HSBC COMPLAINTS INDIA.
Comment by Michael 23 — September 4, 2010 @ 6:53 am