HSBC in weekend HQ decision

HSBC’s board will meet on Sunday to decide whether to shift its headquarters from London, according to two people with knowledge of the decision.

Bloomberg News reports that the board has a meeting scheduled in London and if a decision is reached, the bank will make a formal announcement that evening, said the people, who asked not to be identified because the process is private. There is a chance the board will not reach a verdict and postpone the decision, the people said.

The board, led by Chief Executive Officer Stuart Gulliver and Chairman Douglas Flint, started a review of the bank’s U.K. domicile in April, mulling tax systems, financial regulations and the ability to tap qualified staff among 11 factors outlined. British Chancellor of the Exchequer George Osborne has since made concessions to the largest banks, scrapping plans to raise the tax burden further and helping pave the way to ease regulatory scrutiny.

“An announcement will be made when the board makes its final decision and, if necessary, a further update will be provided at the time of the full year results announcement,” Morgan Bone, a spokesman at HSBC, said in an e-mailed statement.

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HSBC Board Said to Meet Sunday to Mull Headquarters Decision

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