View more on these topics

HSBC to keep headquarters in UK

HSBC-building-tree-view.png

Britain’s biggest bank HSBC is to keep its headquarters in the UK following nearly a year of speculation.

The BBC reports the bank – which makes most of its profits in Asia – has decided to stay in London because the city “offered the best outcome for our customers and shareholders”.

In April 2015 chairman Douglas Flint revealed HSBC had begun its three year review of head office location, delayed by the splitting of the FSA into the FCA and PRA.

But speaking this morning Flint said: “The UK is one of the most globally connected economies in the world with a fantastic regulatory system and legal system and immense experience in dealing with international affairs.

“The Government’s made very clear its commitment to ensuring that that UK remains a leading international financial centre… We’ve ended up with the best of both worlds – a pivot to Asia led from London.”

HSBC had been paying around £1bn a year through the banking levy – which raised around £2bn a year in total – before the Government changed how it was calculated in 2015.

Flint said: “It was important that there was a change in the scope of the levy”.

“A levy based on an international balance sheet was a disincentive for a global group, and we made that point ever since the start of the levy. It was good to see that the scope of the levy changed to being a domestic impost, and that was important.”

However HSBC denies it negotiated with the Government to lower its levy costs.

In June 2015 the bank confirmed plans for job cuts of up to 25,000 globally, including 8,000 in the UK.

Recommended

HSBC 480

HSBC axes planned pay freeze

HSBC is to end plans to freeze staff pay this year following protests by employees. The bank stated in January that it would impose restrictions on pay and hiring. However staff, who had already been told by managers how much their pay rises would be, protested, and according to reports the bank has now confirmed […]

Business-Handshake-General-Hire-Appointment-700x450.jpg

Royal London poaches HSBC wholesale chief Phil Reid

Royal London Asset Management has appointed Phil Reid as head of wholesale where he will also be responsible for growing the firm’s advisory proposition. Reid joins from HSBC Global Asset Management where he was also head of UK wholesale. Prior to that he was sales director at Close Asset Management and held roles at the […]

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. “Bugger” ……

    I wonder what Duggie is really saying in this paragraph here ?

    But speaking this morning Flint said: “The UK is one of the most globally connected economies in the world with a fantastic regulatory system and legal system and immense experience in dealing with international affairs.

    Your in our pocket now ?
    Was his tongue in his cheek when he said “fantastic” ?
    Cash, really is KIng ?

Leave a comment