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Damien 24-04-2015 09:04

HSBC reviews future of UK HQ
 
http://www.ft.com/cms/s/0/265619cc-e...#axzz3YDPB1zvD

Quote:

HSBC has ordered an immediate review of whether it should continue to be headquartered in the UK, citing the impact of regulatory and structural reforms in a move that comes less than two weeks ahead of the UK general election.

Douglas Flint, HSBC chairman, is due to say at the bank’s annual general meeting on Friday that the decision was part of a “broader strategic review taking place” at the bank.
Pretty big business to lose.

---------- Post added at 10:04 ---------- Previous post was at 09:56 ----------

Non-paywall linky: http://news.sky.com/story/1471309/hs...iew-of-uk-base

richard s 24-04-2015 09:46

Re: HSBC reviews future of UK HQ
 
Yep the rich want to get richer yet again, with the loss if they did move of millions in tax revenue for this country... I suppose this might put a dent in all the political partys financial plans!

Chris 24-04-2015 09:56

Re: HSBC reviews future of UK HQ
 
Quote:

Originally Posted by richard s (Post 35773587)
Yep the rich want to get richer yet again, with the loss if they did move of millions in tax revenue for this country... I suppose this might put a dent in all the political partys financial plans!

How dare they seek to fulfil their legal obligations to their shareholders. :erm:

This is why mule-headed, knee-jerk regulation and over-taxation does not work. The very people you're trying to screw over, are the very people most able to up sticks and do business elsewhere.

Obviously the banks can't be allowed to get away with just anything, but clearly using them as a political punch bag carries its own risks.

Maggy 24-04-2015 10:03

Re: HSBC reviews future of UK HQ
 
Quote:

Originally Posted by Chris (Post 35773590)
How dare they seek to fulfil their legal obligations to their shareholders. :erm:

This is why mule-headed, knee-jerk regulation and over-taxation does not work. The very people you're trying to screw over, are the very people most able to up sticks and do business elsewhere.

Obviously the banks can't be allowed to get away with just anything, but clearly using them as a political punch bag carries its own risks.

I'd say HSBC pretty much have got away with a lot more than they have been punished for..:erm:

Chris 24-04-2015 10:36

Re: HSBC reviews future of UK HQ
 
Quote:

Originally Posted by Maggy J (Post 35773591)
I'd say HSBC pretty much have got away with a lot more than they have been punished for..:erm:

I don't think prosecuting individuals for wrongdoing would result in HSBC or any other bank upping and moving elsewhere. More of that could, and should have been done.

But prosecuting wrongdoers is not the same as creating a hostile regulatory and tax framework. Doing that, over time, encourages businesses that can move, to do so.

Ignitionnet 24-04-2015 11:23

Re: HSBC reviews future of UK HQ
 
The Hong Kong Shanghai Banking Corporation only moved to the UK after its acquisition of Midland in 1993 and periodically reconsiders where it is domiciled. It informed after its most recent review in 2010 that it would review again this year.

Not ideal losing them but would perhaps focus minds on diversifying the UK economy away from financial services somewhat and changing London's image as a centre of money laundering, tax avoidance and a financial cesspit where the unscrupulous can execute the dodgy deals they couldn't in the US for fear of being prosecuted both at a company and personal level, or Hong Kong for fear of worse still.

Worth taking a minute to look at positives as well as negatives. No-one wants to lose HSBC but politicians of all colours consistently whore themselves out to the financial services industry because they like spending the tax revenues and crowing about the GDP figures. This must stop. Kissing banker backside has and continues to have some quite severe effects for the wider economy and society.

nomadking 24-04-2015 13:45

Re: HSBC reviews future of UK HQ
 
How much of any wrongdoing happened or was controlled in the UK? Whichever global company owned the Mexican or Swiss branches, they would still have happened.

Ignitionnet 24-04-2015 13:51

Re: HSBC reviews future of UK HQ
 
If this is anything like correct I'm fine with getting shot of them.

http://www.cnbc.com/id/101344158

mrmistoffelees 25-04-2015 05:53

Re: HSBC reviews future of UK HQ
 
A bank born of the opium trade that now apparently funds mexican drug cartels

I highly doubt that this will happen the costs involved are far more than the increased taxes they will be subject to (and no doubt try to avoid)

Posturing that's all

papa smurf 25-04-2015 13:51

Re: HSBC reviews future of UK HQ
 
Quote:

Originally Posted by Chris (Post 35773590)
How dare they seek to fulfil their legal obligations to their shareholders. :erm:

This is why mule-headed, knee-jerk regulation and over-taxation does not work. The very people you're trying to screw over, are the very people most able to up sticks and do business elsewhere.

Obviously the banks can't be allowed to get away with just anything, but clearly using them as a political punch bag carries its own risks.

Bosses pay row shakes up HSBC as almost a third of shareholders refuse to back lavish awards handed to top staff

Read more: http://www.thisismoney.co.uk/money/m...#ixzz3YKS3d7SK
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Ignitionnet 25-04-2015 14:55

Re: HSBC reviews future of UK HQ
 
Indeed. The EU thing is a smokescreen too.

http://www.thisismoney.co.uk/money/c...eferendum.html

Tezcatlipoca 25-04-2015 15:22

Re: HSBC reviews future of UK HQ
 
I've seen two alternative locations suggested...

HSBC in talks with Somalia’s pirate king

HSBC to move HQ to lair under volcano

heero_yuy 25-04-2015 16:04

Re: HSBC reviews future of UK HQ
 
Quote:

Originally Posted by Matt D (Post 35773807)

http://uk.eonline.com/eol_images/Ent...n.ls.11712.jpg
:D

ianch99 25-04-2015 17:57

Re: HSBC reviews future of UK HQ
 
With a 17% fall in profits to £12.3 billion last year, I don't think we are taxing them enough :)

Horizon 25-04-2015 21:45

Re: HSBC reviews future of UK HQ
 
I say let them sod off and they can take their money laundering for drug cartels and industrial tax evasion with them. And no I am not a socialist, quite the opposite. But there is nothing conservative with the way this organisation works.

Who knows perhaps they'll move to Saudi Arabia or Qata and become Islamic States' official banker.

Good riddance to them, hope they feel at home in communist China.


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