June 15: Clue is in name over HSBC bank move

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From: David Collins, Scissett.

SORRY to hear that HSBC is making a large number of staff redundant and that it is threatening to take its head office functions out of the UK.

This is not surprising. After all, the group is the Hong Kong and Shanghai Banking Corporation, Maybe there is a clue here.

The head office was moved here in 1993 when the future of Hong Kong was unknown. Maybe they now regret the move and want to go “home”.

I don’t like this company trying to use politics to justify their own position. However I do think that it is grossly unfair the way the banking levy is applied differently to those domiciled in the UK and foreign banks, which actually encourages banks to move.

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