HSBC 'could move headquarters to US'

[Martin@AS Financial]

"HSBC which has threatened to move its headquarters out of the UK amid concerns over excessive tax, is eyeing the US as a serious alternative to its traditional home of Hong Kong, according to reports."


Full story here:

HSBC 'could move headquarters to US' - Telegraph

[PurpleGorilla]

HSBC 'could move headquarters to US'

WGAF, let them go.

[_V_]

What's the Hong Kong and Shanghai bank doing here anyway?

[PurpleGorilla]

What's the Hong Kong and Shanghai bank doing here anyway?

Laundering South American drug money and developing tax evasion methods for UK rich through to Swiss unmarked accounts?

[LondonManc]

While employing shedloads of contractors in London. Helps to keep us guys booming rather than dooming, so let's not be too hasty to show them the door.

[_V_]

Laundering South American drug money and developing tax evasion methods for UK rich through to Swiss unmarked accounts?

HSBC pays out £28m over money-laundering claims | Business | The Guardian
HSBC to pay $1.9bn in US money laundering penalties - BBC News
HSBC bosses deny they knew about Swiss tax evasion - Telegraph
Tax avoidance and evasion: HSBC - UK Parliament

The only place HSBC should be going is to jail.

[AtW]

They will never move to USA because there bankers actually can get jailed...

USA corp tax is also 35%, compared to 20% in UK

[BrilloPad]

While employing shedloads of contractors in London. Helps to keep us guys booming rather than dooming, so let's not be too hasty to show them the door.

That will not change wherever the HQ is.

There is only upside to the UK on this. Lose all the liability for very little upside.

When I worked at a hedge fund, the guy who ran it was paranoid. He though there would be another Lehman's moment - and only HSBC would be left! So he was moving everything to them.....

[MrMarkyMark]

I thought they had been threatening to do this for a while.

[BrilloPad]

I thought they had been threatening to do this for a while.

Good point! They love it here and will never go. Call their bluff.

Out of interest, JP Morgan bought a site at canary wharf for the largest office block in Europe. Gordon Brown upset them, so they took over the old Lehmans building. They tried to sell it with planning permission. But no-one would buy it. So now they are developing it themselves!