Shares increased 2% higher after the HSBC announcement of move HQ from UK
HSBC has said it is considering moving its headquarters out of London due to the financial crises. The bank said the review followed regulatory and structural reforms since the financial crises. HSBC board has asked its management to look at where the best place is for HSBC to be headquartered in this new environment. The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is under way. Shares in the company jumped 2% higher on the news. Clearly their investors are saying maybe you should just get out of London and have fresh start.’ The bank may decide to sell its retail bank originally called Midland Bank, media correspondent said. HSBC makes most of its money outside of the UK. Asia accounts for about 80% of its profit. The bank has had it is headquarters in the UK since 1992.