According to reuters.com, the chairman of HSBC, who recently relocated its chief executive’s office over to Hong Kong, has made a public announcement to MPs that the banking group was keen to keep their London office space headquarters.
2011 is the year that HSBC have scheduled to review of where best to headquarter the company. However, the company still believes that office space in London has many advantages over centres based in Asia and America.
Douglas Flint, HSBC chairman, said: “We’re not trying to leave London. London has historically, and continues to have advantages. The UK’s history in terms of its tax treaties and free flow of capital makes it an international headquarter.”
Flint also commented on the amount of bonuses to be handed out amongst staff is expected to be “around 2 billion.”
The banks justify the large bonuses by claiming they must pay staff competitive salaries, in order to hold onto top performers who would otherwise relocate to Asia or Wall Street.
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