HSBC expected to stay in UK - Page 2

Ignitionnet · 09-02-2016, 16:20

Quote:

Originally Posted by heero_yuy

Possible Brexit is no deterrent then?

I've not seen that many it has been a deterrent to to be honest. The usual suspects who were gagging for the UK to join the Euro but, beyond that, meh.

**Maggy** · 14-02-2016, 23:11

http://www.bbc.co.uk/news/business-35575793

Quote:

UK banking giant HSBC has announced it is to keep its headquarters in London.

Well that took a while to finally announce..

Ignitionnet · 15-02-2016, 00:57

They achieved their objective and reduced their tax liabilities in the UK by threatening to leave.

They remain in a friendly climate that'll let them get away with pretty much anything with nothing more than a slap on the wrist and at worst a fine.

TheDaddy · 15-02-2016, 06:50

Quote:

Originally Posted by Ignitionnet

They achieved their objective and reduced their tax liabilities in the UK by threatening to leave.

They remain in a friendly climate that'll let them get away with pretty much anything with nothing more than a slap on the wrist and at worst a fine.

Added to the fact they were never going to leave in the first place

**Damien** · 15-02-2016, 08:56

Meh. I think HSBC staying is a good thing. It's a huge bank and the 'good riddance' attitude to big companies in one of our biggest industries doesn't help us. Losing the tax income we do get and all the jobs it generates will only harm us. It's not as if they were one of the banks that required bailouts either.

**Maggy** · 15-02-2016, 09:10

Quote:

Originally Posted by Damien

Meh. I think HSBC staying is a good thing. It's a huge bank and the 'good riddance' attitude to big companies in one of our biggest industries doesn't help us. Losing the tax income we do get and all the jobs it generates will only harm us. It's not as if they were one of the banks that required bailouts either.

Neither did Barclays but they have had their own share of poor dealing with their customers.

TheDaddy · 15-02-2016, 09:36

Quote:

Originally Posted by Damien

It's not as if they were one of the banks that required bailouts either.

All the banks benefitted from the guarantees the UK government made iirc

**Damien** · 15-02-2016, 11:10

Quote:

Originally Posted by heero_yuy

Possible Brexit is no deterrent then?

They said they would just move some jobs to Paris if that happens: http://news.sky.com/story/1642265/hs...is-over-brexit

Ignitionnet · 15-02-2016, 14:30

Quote:

Originally Posted by Damien

They said they would just move some jobs to Paris if that happens: http://news.sky.com/story/1642265/hs...is-over-brexit

Excellent. It's one way of rebalancing the economy, not that I think they'd actually do it.

**Damien** · 15-02-2016, 14:51

Quote:

Originally Posted by Ignitionnet

Excellent. It's one way of rebalancing the economy, not that I think they'd actually do it.

1000 isn't much in the grand scheme of things. They already have offices there and it makes sense for them to do so for those staff members covering European markets.

If we want to re-balance the economy though we don't need to leave the EU. Just kick out all the banks anyway, tax them until they leave, ban futures trading etc

ianch99 · 15-02-2016, 15:10

Quote:

Originally Posted by Damien

They said they would just move some jobs to Paris if that happens: http://news.sky.com/story/1642265/hs...is-over-brexit

I'd be surprised if that happens. French companies are currently doing the opposite because it is far easier to hire & fire people here than compared to France.

**Damien** · 15-02-2016, 15:13

Quote:

Originally Posted by ianch99

I'd be surprised if that happens. French companies are currently doing the opposite because it is far easier to hire & fire people here than compared to France.

They didn't say they would move the company though, in fact they said they wouldn't, just that they would move part of the staff.

Quote:

Speaking to Sky News, Stuart Gulliver, HSBC's chief executive, said the forthcoming referendum on Brexit was not a decisive factor in determining the future location of the bank's holding company headquarters.

However, he said that a decision to leave the EU would mean that HSBC would probably shift a number of jobs in what will become its non-ring-fenced bank away from London.

"If the UK leaves the EU it could have a significant impact on our non-ring-fenced bank - our trading room, corporate banking and investment banking - although it would not have an impact on our holding company domicile," he said.

"In that situation a number of jobs would leave the UK.

"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."

Any decision to move those jobs would depend on the terms of a British exit from the EU, including the extent to which the UK could continue to access the financial services 'passporting' regime, which allows member states to trade seamlessly across national borders, Mr Gulliver said.

The suggestion that as many as 1,000 London-based jobs might move

It's actually pretty good for the Brexit camp as it shows companies would stay and find workarounds rather than leave but they've too attached to the idea Brexit would be negative consequence-free they can't even concede a small amount of jobs.