HSBC has said that
moving its headquarters out of the UK would only involve the transfer of only
250 jobs out of 48,000 employed in the UK.
The bank launched a
headquarters review, partly because of the UK bank levy which cost HSBC £730m
last year and would be much lower if it moved.
There has been
widespread speculation that ultimate control would be transferred to Hong Kong.
HSBC said consideration
of shifting its headquarters overseas was not a threat but a result of pressure
from shareholders worried about their dividends.
While presenting
results for the first three months of the year -- from Hong Kong -- its
managers were also questioned about rumours that they were planning to sell the
UK High Street bank, perhaps reviving its former name Midland Bank.
They said the
uncertainty had arisen because banks here were having to separate their retail
operations behind a "ring fence" to protect them against a future
financial crisis
However, any future
action would depend on how much control HSBC's global operation would be left
with, which wouldn't be clear for several years.
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