Top Firm Said 'More Likely Than Not' To Quit London

The Telegraph reports that HSBC has told some of its largest shareholders that it is now 'more likely than not' to shift its global HQ to Hong Kong.

According to the newspaper, bank executives have told 'key investors' that the tax and regulatory regime in the UK has made the case for a switch 'overwhelming'.

HSBC has said: 'London is ideally positioned as an international financial centre, and we have been clear that it is our preference to remain headquartered here. However, we are routinely asked by institutional investors about the costs of being headquartered in the UK, and it's clear that the City's competitive position needs protection'.

In the meantime, Deutsche Bank CEO Josef Ackermann has issued yet another warning about the lack of clarity and consistency of bank regulation.

In a speech in Delhi last week, Ackermann said: 'We are seeing actions by national authorities to develop their own regulatory approaches, or to add or to modify the Basel capital requirements. This would have severe consequences for the financial markets, and for the global economy.

'There is merit in now taking stock of the regulatory requirements that are in train. As I have said, it is essential to ensure that there is clarity and consistency in all measures that are being determined, and that there is a level playing field'.

Finally, The Telegraph claims that UK market regulator The Financial Services Authority (FSA) is thought to have delayed publishing details of its report into what went on over at The Royal Bank of Scotland (RBS) in the run-up to the financial crisis, because of fears that the report itself wasn't thorough enough.

The newspaper says that many of the 20 current and former senior managers that it has interviewed over the RBS debacle were not contacted by the FSA as part of its review.

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