pimpkiller Posted June 9, 2015 Report Share Posted June 9, 2015 So hsbc are sort of selling up and moving to asia shedding loads of jobs around the world. Is this abit suspicious? Quote Link to comment Share on other sites More sharing options...
poontang Posted June 9, 2015 Report Share Posted June 9, 2015 So hsbc are sort of selling up and moving to asia shedding loads of jobs around the world. Is this abit suspicious? Nah, they're just going home. Probably back to Honk Kong and China from whence they came. Interesting article here: http://www.theguardian.com/business/2015/jun/09/hsbc-cuts-25000-jobs-globally Seems like they don't like our regulations. Quote Link to comment Share on other sites More sharing options...
rodp Posted June 9, 2015 Report Share Posted June 9, 2015 Nah, they're just going home. Probably back to Honk Kong and China from whence they came. Interesting article here: http://www.theguardian.com/business/2015/jun/09/hsbc-cuts-25000-jobs-globally Seems like they don't like our regulations. More like they don't like any regulations Quote Link to comment Share on other sites More sharing options...
Bobba Posted June 10, 2015 Report Share Posted June 10, 2015 Some of it to do with the Government forcing baks to separate their investment functions from their high street banks. The changes are unfortunate in some ways. They are worldwide. You won't find a Barclays, or Lloyds or NatWest in Hanoi, Vancouver, NY etc but you will find an HSBC. I travel a lot and have had minor problems in the past e g my debit card was once potentially compromised when in New York. I popped in to HSBC NY and they provided a phone, office and advice to resolve the matter. Had another minor problem in Vancouver which they helped with. So, changing from a worldwide bank will have its downside. Quote Link to comment Share on other sites More sharing options...
AVB Posted June 10, 2015 Report Share Posted June 10, 2015 I don't blame them. They pay the Government £700mln pa (in addition to corporation tax of £1bn+).) for the Banking Levy. The levy is calculated on the size of their balance sheet. This is despite the fact that 90% of their balance sheet (assets and liabilities) relate to overseas activities. So if they move then they will only have to pay the levy on their UK entity (the UK retail Bank) which will be a lot lot less. and let's remember HSBC Only became a UK entity in the 90's when it acquired Midland Bank. Hong Kong is its home and to where it will probably return although Singapore is a possibility. Quote Link to comment Share on other sites More sharing options...
malkiserow Posted June 10, 2015 Report Share Posted June 10, 2015 Overall HK bank regulation is very strict and long jail sentences are an easy option for the courts in HK. I suspect taxation and levys are more to do with it. Quote Link to comment Share on other sites More sharing options...
Flashman Posted June 10, 2015 Report Share Posted June 10, 2015 They won't go. They're big bog fish in the UK pond, but a tiddler compared to the big State-owned Chinese banks. It's a ploy to get some bank levy and other tax breaks. Quote Link to comment Share on other sites More sharing options...
toontastic Posted June 10, 2015 Report Share Posted June 10, 2015 They're big bog fish in the UK pond, but a tiddler compared to the big State-owned Chinese banks. . Rubbish, hsbc are massive worldwide. Quote Link to comment Share on other sites More sharing options...
keg Posted June 10, 2015 Report Share Posted June 10, 2015 I don't blame them. They pay the Government £700mln pa (in addition to corporation tax of £1bn+).) for the Banking Levy. The levy is calculated on the size of their balance sheet. This is despite the fact that 90% of their balance sheet (assets and liabilities) relate to overseas activities. So if they move then they will only have to pay the levy on their UK entity (the UK retail Bank) which will be a lot lot less. and let's remember HSBC Only became a UK entity in the 90's when it acquired Midland Bank. Hong Kong is its home and to where it will probably return although Singapore is a possibility. +1 Quote Link to comment Share on other sites More sharing options...
Flashman Posted June 10, 2015 Report Share Posted June 10, 2015 They won't go. They're big bog fish in the UK pond, but a tiddler compared to the big State-owned Chinese banks. It's a ploy to get some bank levy and other tax breaks. Rubbish, hsbc are massive worldwide. Apart from ICBC, CCBC and ACB... Quote Link to comment Share on other sites More sharing options...
AVB Posted June 10, 2015 Report Share Posted June 10, 2015 Apart from ICBC, CCBC and ACB... I think HSBC are top 10 globally. 7th place rings a bell. Top 3 are Chinese then the Americans JPM, Wells Fargo. So not the biggest but still big. I don't believe it is an idle threat. Of course if they get concessions then they will stay but they are under a lot of pressure from shareholders to move. Singapore is a distinct possibility. They would love to get HSBC in order to get one over HK. Stan Chart will have Singapore as their first choice as well. Big there plus they have a big SG shareholder. And no presence in the UK to keep them here other than a small Treasury desk. Quote Link to comment Share on other sites More sharing options...
Vince Green Posted June 10, 2015 Report Share Posted June 10, 2015 I do know they have become very expensive with their business banking charges so I was thinking of kicking them into the long grass and going with Bank of India (which has been recommended) anyway. So maybe my decision has been made for me now. Quote Link to comment Share on other sites More sharing options...
Flashman Posted June 10, 2015 Report Share Posted June 10, 2015 I think HSBC are top 10 globally. 7th place rings a bell. Top 3 are Chinese then the Americans JPM, Wells Fargo. So not the biggest but still big. I don't believe it is an idle threat. Of course if they get concessions then they will stay but they are under a lot of pressure from shareholders to move. Singapore is a distinct possibility. They would love to get HSBC in order to get one over HK. Stan Chart will have Singapore as their first choice as well. Big there plus they have a big SG shareholder. And no presence in the UK to keep them here other than a small Treasury desk. Time will tell, but George's Mansion House speech this evening is being trailed as a policy change to keep them here. Perhaps the threat to move worked after all..? Quote Link to comment Share on other sites More sharing options...
Whitebridges Posted June 10, 2015 Report Share Posted June 10, 2015 8K cut in UK jobs is the bit that gets me. Quote Link to comment Share on other sites More sharing options...
AVB Posted June 10, 2015 Report Share Posted June 10, 2015 8K cut in UK jobs is the bit that gets me. That's not related to the move of HQ though. Scaling back of the Investment Bank, closing branches and other efficiencies are driving these reductions. Quote Link to comment Share on other sites More sharing options...
keg Posted June 10, 2015 Report Share Posted June 10, 2015 As everything becomes net based jobs are bound to suffer. It's no different to any other sector such as pubs or retailing and we are a part of the problem in many ways ( we being the public not PW) Quote Link to comment Share on other sites More sharing options...
Dave-G Posted June 10, 2015 Report Share Posted June 10, 2015 Weren't they threatening to leave if UKIP got their wicked way with Europe? Quote Link to comment Share on other sites More sharing options...
p@cman Posted June 12, 2015 Report Share Posted June 12, 2015 HSBC - the clue's in the name High Street Branch Closures Quote Link to comment Share on other sites More sharing options...
keg Posted June 12, 2015 Report Share Posted June 12, 2015 Very good! Quote Link to comment Share on other sites More sharing options...
clakk Posted June 12, 2015 Report Share Posted June 12, 2015 went into my local Barclays the other day,what a shock what staff.just a machine minder and you do everything yourself.i suppose its only there for people without t,internet ,but thats 5 counter staff jobs gone for starters.never mind the backroom people you never saw behind them steel doors.i can see how it becomes thousands if you take out 5 per branch x however many high st closures.its progress but more automation =less jobs,apart from the top tier on their million pound bonuses of course Quote Link to comment Share on other sites More sharing options...
keg Posted June 12, 2015 Report Share Posted June 12, 2015 In many ways we are going through a revolution not unlike the industrial revolution but at a slower pace. Quote Link to comment Share on other sites More sharing options...
Flashman Posted February 15, 2016 Report Share Posted February 15, 2016 In a decision that surprised nobody, HSBC decided to stay in the UK. Quote Link to comment Share on other sites More sharing options...
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