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HSBC to retain London as HQ

HSBCHSBC said that it will continue to have its headquarters in London despite the shock decision for the UK to leave the EU. Chairman of the bank Douglas Flint said the bank would stick to its plan to keep its headquarters in the UK. HSBC completed a 10-month review into whether to move its base away from London in February, with New York or Hong Kong thought to be likely alternatives. The outcome of that review was that HSBC should stay put in London even though two-thirds of its profits are generated in Asia. Flint confirmed that the referendum outcome would not trigger another review. Before the vote, Stuart Gulliver, HSBC’s chief executive, said that Brexit could see 20% of its 5,000 London investment bankers moved out of London to Paris, or a total of 1,000 staff. However, Flint reassured investors of HSBC’s commitment to them in the aftermath of the vote

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