HSBC might move its HQ away from London
HSBC expressed its “genuine concern” over a recommendation of splitting up banks. The UK’s independent banking commission was set up to look into possible reforms of the banking system.
Stuart Gulliver, head of the Canary Wharf-based bank’s investment banking division, said that it would have significant implications for where the bank may choose to relocate its headquarters.
“I want to be crystal clear. Our preference is to be headquartered in the UK,” he said Thursday at the financial industry conference in London.
The commission considers other structural reforms to increase banking competition, or simplify the banks’ international structures to avoid another catastrophic impact like that of the 2008 collapse of Lehman Brothers.
The governments would always be forced to rescue these big banks if its collapse would bring down the entire financial system. Such practice encouraged the banks to take on too much risk. Thus splitting up the big ones would save the governments from grave rescue.
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