View more on these topics

HSBC threatens to move headquarters away from the UK

HSBC has warned that it may move its headquarters away from London if the UK government does decide to break up the big banks.

The head of the group’s investment banking division Stuart Gulliver said at a banking conference that he was “genuinely concerned” that the UK’s banking commission would recommend a splitting of the banks.

Gulliver said: “That has significant implications clearly for where we may choose to headquarter our institution.”

The UK government set up the independent banking commission in June giving it the task of considering possible reforms for the banking system. It is also looking at other structural reforms, like breaking up high street banks to improve competition.

Gulliver said the group would like to remain in the UK but also highlighted the fact that no other country was looking at breaking up banks in response to the financial crises.

HSBC initially moved its headquarters from Hong Kong to London in 1991.

Recommended

Pennie moves to Intelligent Pensions

Intelligent Pensions has appointed Andrew Pennie as marketing director from Santander Private Banking, where he was marketing director for James Hay and Cater Allen.

Evercore says ETFs are safe and liquid

Passive multi-manager Evercore Pan Asset Capital Management says people worry about exchange traded funds but they are “straightforward, safe and liquid”. The firm, which has just added defensive and aggressive funds to its PanDynamic passive fund of funds range, says advisers have concerns because ETFs are not covered by the Financial Services Compensation Sch-eme. ETFs […]

Leader

There has been no summer lull for anyone wanting to keep up to date with the Government’s pension movements. The industry has been showered with a huge number of consultations and reviews by a new administration keen to make its mark. Scrapping Labour’s proposed complex restrictions to higher-rate pension tax relief in favour of a […]

Neptune launches Africa fund

Neptune Investment Management today launched an Africa fund which will have at least half of its portfolio invested in South African equities. Managed by Shelley Kuhn, the Neptune Africa fund aims to generate capital growth by investing in securities of companies which are either listed in Africa or are listed elsewhere but but get a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Well who will this really inconvenience? It has become pretty clear where the wealth created by such institutions goes to.
    Britain needs to develop a genuine production economy again and not rely on the Macro Finance Sector to “create” wealth.
    Let’s invest in geothermal, wave power, solar tech, etc etc.

Leave a comment