Will banks begin race out of London?
[Editor Note: A move such as this is highly speculative and it seems unlikely any international bank would move from London, onerous tax structure or not... however, it makes an interesting point of discussion.] Barclays, HSBC and Standard Chartered have all made noises recently about moving their headquarters out of London. Which will be first? For organizations with large offices dotted around the world, it hardly seems to matter which one they choose to call their headquarters. We asked our readers last week whether HSBC or Standard Chartered would be first to move their HQ to Asia, and the close result implies that they are both likely to do so. HSBC edged the vote, perhaps after Stuart Gulliver won the unseemly race to run the bank. Earlier in September, before he was announced as the next chief executive, he told a conference that the government’s report into the banking sector could have “significant implications for where we may choose to headquarter our institution”. His peers over at Barclays and Standard Chartered probably feel the same way, he chose to add.