HSBC may move from London if the UK government decides to break up big banks, a senior executive has said. Stuart Gulliver, head of the Canary Wharf-based bank's investment banking division, made the warning at a banking conference. He said he was "genuinely concerned" that the UK's banking commission would recommend splitting up banks. "[That] has significant implications clearly for where we may choose to headquarter our institution." "I want to be crystal clear. Our preference is to be headquartered in the UK," added Mr Gulliver.
HSBC may move from London if the UK government decides to break up big banks, a senior executive has said.
Stuart Gulliver, head of the Canary Wharf-based bank's investment banking division, made the warning at a banking conference.
He said he was "genuinely concerned" that the UK's banking commission would recommend splitting up banks.
"[That] has significant implications clearly for where we may choose to headquarter our institution."
"I want to be crystal clear. Our preference is to be headquartered in the UK," added Mr Gulliver.
But. You can't trade in the UK. Your subsidiaries cannot offshore their profits. Any investments you make will be hit with punitive cross border taxations we've just invented. keep to the Fen Causeway
punitive cross border taxations we've just invented
