As the FT notes this morning, HSBC has rejected move of head office from London to Hong Kong. It’s new CEO had previously warned that HSBC might relocate abroad, most likely to Hong Kong, if the government forced banks to split their retail and investment banking businesses.
Well, government advisers are talking about some form of split.
And HSBC is staying.
There’s good reason for that. London is where they need to be and complying with the requirements of the UK is a price worth paying for being here.
Politicians please note: you need not be held to ransom by these people. Whenever they talk about leaving it’s just bluff. The truth is, there is no where to go that suits as well London. And they know it.