Standard Chartered yesterday revealed it will create 4,000 jobs in Asia, fuelling fresh fears that London is missing out on a global banking jobs boom.
A StanChart spokesman told City A.M. the majority will be based in Singapore, with some in Indonesia.
The announcement came as David Cameron and George Osborne arrived in Beijing to promote UK exports to China. Meanwhile business secretary Vince Cable, also part of the China convoy, claimed banks threatening to quit the UK over regulation and tax are merely sabre-rattling.
He said banks reconsidering their domicile is “a familiar negotiating technique,” albeit one that should “be taken seriously”. “You have got to balance that against our national interest. Banks have to be safe and that means that the regulations have to take into account the potential problems created by cash bonuses,” he told Bloomberg TV.
Cable was responding to RBS chairman Sir Philip Hammond who warned banks could be forced out of Europe as a result of draconian new rules, which include strict capital requirements. HSBC also slammed UK?and EU?policies last Friday.
Last month City A.M. revealed Barclays is weighing up the costs of quitting its UK base. Standard Chartered has also considered its position but has no immediate plans to relocate.