HSBC may move to U.S.
(26 October 2015 – United Kingdom) HSBC is considering moving its headquarters to the U.S.
The bank is reviewing whether or not to leave the UK, as it tries to cope with increasing regulatory and tax demands.
HSBC Chairman Douglas Flint told the Financial Times the bank was “about halfway through the review process and had “prepared the ground by giving presentations to the board on the various aspects, like the regulatory and economic framework, but we have not had any discussion of the relative merits.”
The bank will have a hard time finding the perfect location to relocate to. Although the U.S. has a different accounting regime, which might make it easier for a big bank like HSBC to meet rules limiting the amount of debt that banks can take on, its courts have a serious take on sanctions and money-laundering breaches.
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