HSBC to keep HQ in UK; warns on 'Brexit'

15th Feb 2016 07:10

(ShareCast News) - Banking giant HSBC said it had decided to retain its headquarters in the UK, adding that it could shift 1,000 wholesale operation jobs to France if Britain voted to leave the European Union later this year. Chief executive Stuart Gulliver told Sky News: "We have 5,000 people in global banking and markets [HSBC's investment bank] in London and I could imagine that around 20% of those would move to Paris (if there was a 'no' vote)."The bank said the board's decision was unanimous and comes after HSBC had threatened to move to Hong Kong in retaliation for planned stricter UK regulation. It added that it was dropping the company's three-yearly review of where it is based.The government took a noticeably softer line on banks last year, firing the head of the Financial Conduct Authority and pulling back from a major review of operational culture within the sector.In a statement, HSBC said the UK was "an important and globally connected economy"."It has an internationally respected regulatory framework and legal system, and immense experience in handling complex international affairs," HSBC said."London is one of the world's leading international financial centres and home to a large pool of highly skilled, international talent. It remains therefore ideally positioned to be the home base for a global financial institution such as HSBC."The bank added that Asia remained at the "heart" of the group's strategy.