HSBC boss Stuart Gulliver warns George Osborne or Ed Balls tax hikes could drive bank from UK May 5, 2015 HSBC’S chief executive warned yesterday that the Conservative and Labour parties both risk driving the bank out of the country with tax hikes. The giant lender is looking at moving its headquarters out of the UK after more than 20 years in London, as its global business may be harmed by regulation and taxes. George [...]
Election jitters, HSBC and US losses hit FTSE – London Report May 5, 2015 BRITAIN’S top share index closed lower yesterday, tracking sharp losses in the US market, with HSBC leading the banking sector lower, after saying that a bank levy was hampering its ability to pay a higher dividend. A survey showing growth in the construction industry slowed sharply in April, while uncertainty about the outcome of tomorrow’s [...]
HSBC profits rise as investment banking rebounds May 5, 2015 The figures Britain's biggest bank beat analyst expectations this morning, posting profit before tax of $7bn (£4.6bn) for the first three months of 2015, up from $6.8bn (£4.5bn) a year earlier. Reported revenue came in at $15.9bn (£10.5bn) for the first quarter of 2015, broadly unchanged from the same time last year. It added that reported operating expenses [...]
HSBC looking for greener pastures should not surprise April 29, 2015 The sandwiches and coffee were standard fare at HSBC’s annual meeting. But it took mere minutes for political red herrings to be added to the menu. Take the bank’s confirmation it is reviewing its headquarters’ location. Labour’s attempt to blame HSBC’s action on a Conservative-inspired EU referendum was misguided, but inevitable. Douglas [...]
Bank of America analysts back HSBC’s possible move out of UK April 27, 2015 HSBC’s bosses are right to look at quitting the UK, a Bank of America Merrill Lynch analyst said yesterday. The high tax charge from the bank levy is a key factor, as is the cost of splitting the UK retail bank away from the rest of the business under the new ring fence rules. The [...]
UK’s big four banks face £19bn more in conduct fines April 27, 2015 Legal and compensation payouts are set to cost the big four UK banks another £19bn over 2015 and 2016, analysts at credit ratings agency Standard and Poor’s said yesterday. Mounting bills come on top of the £42bn the four have already paid out over the past five years. The next nine largest lenders paid a further £6bn [...]
HSBC provides bounce as FTSE hits new highs – London Report April 27, 2015 THE FTSE rose to another record high yesterday as reports suggesting HSBC will spin off its British retail bank in a £20bn ($30bn) deal boosted stocks. The banking giant was up 3.1 per cent and has already said it is reviewing whether to keep its headquarters in London, given increased regulation and the possibility of [...]
HSBC share price continues surge in London and Hong Kong after UK HQ review and potential Brit spin-off revealed April 27, 2015 Shares in HSBC have surged in early trading extending last week's gains, made after it was revealed the bank was considering relocating away from the UK. HSBC shares opened three per cent higher in London today following reports over the weekend that Britain's largest bank could spin off its UK business into a separate division and [...]
Warm reception for HSBC boosts chance it will move to Hong Kong April 27, 2015 HSBC’S bosses received a substantially warmer welcome from investors in Hong Kong than at its annual general meeting (AGM) in London on Friday, City A.M. understands. It comes at a crucial time for the UK-based banking giant as it considers moving its headquarters out of the UK, in response to the rising tide of regulation [...]
As HSBC says it could move its HQ, is London’s position as a global financial centre at risk? April 26, 2015 Jason Hollands, managing director at Tilney BestInvest, says Yes. The news that HSBC is to consider moving its head office is a warning shot to voters and policy-makers that London’s pre-eminent position as perhaps the leading global financial centre simply cannot be taken for granted. Yes, it has “natural” advantages, being in a time zone [...]