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Hsbc Reveals Plans To Quit London For Hong Kong

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Begone with you

Threaten us would they, p***s off back to Honk Kong where you belong, I`m sure the Republic of China is waiting to screw you. :rolleyes:

HSBC has told its biggest shareholders that it is preparing to quit London in a shock move that the bank has revealed to key investors is now "more likely than not".
Britain's biggest bank, which has been headquartered in the capital for 19 years, warned key investors that last week's disappointing full-year results have made arguments for shifting HSBC's domicile to Hong Kong "overwhelming".

The shareholders have been surprised by the swift gear-change in HSBC's review of its domicile but some have already told the bank that they would support the move.

The loss of HSBC's headquarters in London, although threatened for months because of the increase in financial regulations, would be a severe blow to the Coalition which, despite some of its 'banker bashing' rhetoric, is relying on a private-sector-led recovery.

As an old saying says " I would not p**s on you if you were on fire" make sure you take all your greedy b*******s with you. :angry:

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Fantastic news! It looks like its all coming to a head.

I'm just praying the coalition doesnt get them to change their minds by promising them the earth.

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As banks go HSBC are one of the good guys IMO. They maintained sensible lending when others were throwing money around loosely, they didn't go cap in hand to the tax payer when things went pear-shaped. First Direct are great too, always pleasant natively-English speaking people.

It'll cost the taxpayer more by them leaving, in lost tax revenues.

There are other banks I'd like to see leave the UK first.

Edited by exiges

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As banks go HSBC are one of the good guys IMO. They maintained sensible lending when others were throwing money around loosely, they didn't go cap in hand to the tax payer when things went pear-shaped. First Direct are great too, always pleasant natively-English speaking people.

It'll cost the taxpayer more by them leaving, in lost tax revenues.

There are other banks I'd like to see leave the UK first.

True, doubt anybody would want the scum banks, especially if they had to take on the liabilities.

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As banks go HSBC are one of the good guys IMO. They maintained sensible lending when others were throwing money around loosely, they didn't go cap in hand to the tax payer when things went pear-shaped. First Direct are great too, always pleasant natively-English speaking people.

It'll cost the taxpayer more by them leaving, in lost tax revenues.

There are other banks I'd like to see leave the UK first.

About 40% of first direct's mortgages are interest only. Another ruddy great big ponzi scheme.

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About 40% of first direct's mortgages are interest only. Another ruddy great big ponzi scheme.

Well, they are mostly 'offset' - the idea is that you pay it off quicker. If you are a bit slack and don't then, yeah, but thats your choice. Pretty harsh ltv too.

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Cor - over 30 years old this song :angry:

Shows how long the Establishment/Wealthy have been screwing us financially!

Members - Offshore Banking Business

http://www.youtube.com/watch?v=CJ9OLV425g4&feature=related

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Right, so all Germans are Nazis and should be shot and all men are rapists.....

Losing HSBC would be a loss to the UK tax take - not just for corporation tax, but also for income taxes etc..... especially as HMRC's own rules make it clear that you have to do more than just hold board meetings offshore. And, if they do go, there is an awful lot more flexibility in how you operate the business (which, in other words, means even less tax paid in the UK).

Some of you really don't get it, do you..... you'd drive out entities that haven't needed bailouts or support - presumably ranting about how they all benefitted - leaving us with a multibillion hole in UK plc's P&L..... - what is going to replace that income for the State, no don't tell me, increased income tax for the middle classes....

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Right, so all Germans are Nazis and should be shot and all men are rapists.....

Losing HSBC would be a loss to the UK tax take - not just for corporation tax, but also for income taxes etc..... especially as HMRC's own rules make it clear that you have to do more than just hold board meetings offshore. And, if they do go, there is an awful lot more flexibility in how you operate the business (which, in other words, means even less tax paid in the UK).

Some of you really don't get it, do you..... you'd drive out entities that haven't needed bailouts or support - presumably ranting about how they all benefitted - leaving us with a multibillion hole in UK plc's P&L..... - what is going to replace that income for the State, no don't tell me, increased income tax for the middle classes....

IC, they are withdrawing from the Worlds 4th Largest market?...If they do business here, they pay taxes here.

The biggest tax we make from these suckers is the interest depositors make (UK) and the money made on lending in the UK.

We dont need these leaches just because they make some tax payments on depositors investments.....

Of course, they will be happy with tighter capital controls in China....and a tendency to shoot wrongdoers.

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IC, they are withdrawing from the Worlds 4th Largest market?...If they do business here, they pay taxes here.

The biggest tax we make from these suckers is the interest depositors make (UK) and the money made on lending in the UK.

We dont need these leaches just because they make some tax payments on depositors investments.....

Of course, they will be happy with tighter capital controls in China....and a tendency to shoot wrongdoers.

they are not withdrawing. Has WPP left, or Shire, or Hamilton, or Charter..... nope. The UK tax take has, however dropped hugely, and apart from WPP, these are relative tiddlers compared to HSBC. I hope you don't mean the UK retail taxes, for HSBC, they really are dwarfed by the corporate and global revenues ..... plus there is the loss of mass, and if others do the same, it could become critical and the City may move to somewhere more benign (yes, I know) - which will lose the UK tens of billions revenue, then the lawyers and accountants also shift, another tens of billions gone (again, yes I know, but it's real taxes) - which means that the Merc salesmen do badly, the Merc salesmen's wives can't buy shoes and they sack their gardener, cleaner and their gardener has to sign on.... etc etc....

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they are not withdrawing. Has WPP left, or Shire, or Hamilton, or Charter..... nope. The UK tax take has, however dropped hugely, and apart from WPP, these are relative tiddlers compared to HSBC. I hope you don't mean the UK retail taxes, for HSBC, they really are dwarfed by the corporate and global revenues ..... plus there is the loss of mass, and if others do the same, it could become critical and the City may move to somewhere more benign (yes, I know) - which will lose the UK tens of billions revenue, then the lawyers and accountants also shift, another tens of billions gone (again, yes I know, but it's real taxes) - which means that the Merc salesmen do badly, the Merc salesmen's wives can't buy shoes and they sack their gardener, cleaner and their gardener has to sign on.... etc etc....

tanks on the streets.

however, bankers create no wealth...

of course, there are no lawyers and accountants in China either.

And ALL banks have benefitted from indirect help from the taxpayer largesse....HSBC in particular if they are global players....

EDIT

"The newspaper said it paid £1.2 billion ($2 billion, 1.4 billion euros) in British taxes last year and employs 52,000 people."

It doesnt say if that total tax bill includes PAYE for the 52,000.

"Pre-tax profits soared 170 percent to $19 billion in 2010, while loan impairments and other credit risk provisions dived 47 percent to $14.04 billion. Revenues rose 3.1 percent to $68.3 billion.

"Underlying financial performance continued to improve in 2010," HSBC chief executive Stuart Gulliver said in the results statement."

their figures, like most banks, look pretty dire to me...as they have to emphasise an "underlying" performance.

Good riddence I say. they can take their 2011 bad debt write offs elsewhere, they mark to model capital assets, elsewhere, their Global nonsense, elsewhere.

One less bank is great.

Edited by Bloo Loo

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I don't care. Some things are more important than money.

True, but that comes more easily when you already have money. Without it, it tends to be top priority.

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Oh dear, this was the only bank that looked solid during the crisis of 2008, this is another real loss for Britain. Didn`t Michael Geoghegan, the chief executive move his office over to Hong Kong a couple of years ago anyway? I imagine that this move has been in preparation for some time.

Edited by Left the UK 2009

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+1.

Modern banking is parasitical and does far more harm than good. Good riddance to bad rubbish.

But wont this just carry on even if they do move their HQ abroad?

First direct has been an excellent bank I have no complaints at all. But these high paid banksters p*** me off. To think that someone on 25,000 working 40 years earns a million in a life time of work. Yet a bankster gets a 7 million bonus in one year.

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As a symbol of this nation becoming hostile to Banksters it is great news. May Bob Dimaond and his family follow them soon please.

We need to rebuild our banking indusrty from the ground up. Begin with setting out regulations that used to apply when banks SERVED the community and made a decent living for people who actually worked for a living helping customers and funding entrepreneurs who produce something.

Good bye and good riddance. One down and just a few more to go:

Barclays

RBS (hive of Natwest before you go please)

Lloyds-HBOS

Northern Rock

Santander....

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tanks on the streets.

however, bankers create no wealth...

of course, there are no lawyers and accountants in China either.

And ALL banks have benefitted from indirect help from the taxpayer largesse....HSBC in particular if they are global players....

EDIT

"The newspaper said it paid £1.2 billion ($2 billion, 1.4 billion euros) in British taxes last year and employs 52,000 people."

It doesnt say if that total tax bill includes PAYE for the 52,000.

"Pre-tax profits soared 170 percent to $19 billion in 2010, while loan impairments and other credit risk provisions dived 47 percent to $14.04 billion. Revenues rose 3.1 percent to $68.3 billion.

"Underlying financial performance continued to improve in 2010," HSBC chief executive Stuart Gulliver said in the results statement."

their figures, like most banks, look pretty dire to me...as they have to emphasise an "underlying" performance.

Good riddence I say. they can take their 2011 bad debt write offs elsewhere, they mark to model capital assets, elsewhere, their Global nonsense, elsewhere.

One less bank is great.

Spot on.

As anyone who's been to Hong Kong knows, there won't be

many 'yummy mummy' bankers wives keen on relocating to a place that makes our overcrowded island look positively empty.

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I don't care. Some things are more important than money.

Sometimes you have to wonder why we have universal suffrage.....

how is your face since you got rid of your nose ?

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Sometimes you have to wonder why we have universal suffrage.....

how is your face since you got rid of your nose ?

my face was fine until some banker took my nose in security for my signature...then grabbed my nuts saying he would squeeze tighter IF I didnt cough up some more money out of my wallet, as HE was having a credit crisis.

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This is news then? The Hong Kong and Shanghai Banking Corporation is returning back to it's original home?

As someone stated on a similar thread a few months ago, they only headquartered over here so they could buy the old Midland Bank..

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Great. I'll close my account and withdraw my savings from them on Monday.

I think it has been in the offing for a while though. I seem to remember that they sold their London offices at the height of the boom (and then rented them back).

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