HSBC’S new chief executive Stuart Gulliver is set to remain a UK resident for tax purposes – making London his main residence.
Gulliver’s decision reverses that of his predecessor Michael Geoghegan, who moved the office to Hong Kong in 2009. It also directly contradicts the bank’s announcement last September, when Gulliver’s appointment was announced, that said the chief executive’s “principle office” would remain in Hong Kong.
Gulliver’s decision, which will see him continue to pay UK income tax, is a boost for the coalition government which has suffered a string of high-profile departures in recent months.
Gulliver, one of the UK’s highest paid investment bankers with a package close to £10m in 2009, warned last September that HSBC, Europe’s biggest bank, could move overseas if a government review decided lenders should be broken up. Gulliver, who begun his new role at the start of the year, is expected to spend around half of each month in the UK, with the rest of the time being spent in either Hong Kong or travelling.