I have not been able to post for several months because of the nature of the advisory work I was doing in the past few months. But now I am back! And my last post in the autumn predicted the departure from London of some of the big banks, notably HSBC. Now this in today’s Telegraph about HSBC informing privately its biggest shareholders of the likelihood of a move of its HQ to Hong Kong – a big blow for Britain’s coalition government.
Should the too-big-too-fail banks shift their headquarters from European countries intent on breaking them up or keen to regulate them to the point that they will be rendered uncompetitive? Bloomberg has an interesting opinion piece today about why Barclays and HSBC should move. With the Bank of England governor again banging on about splitting up the big banks and the UK’s Coalition government hinting that more levies on the banks are to come, it looks inevitable that the big boys may move.