HSBC considers moving HQ out of UK

HSBC’s board has asked its management to “look at where the best place is for HSBC to be headquartered in this new environment,” the bank said.

“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, reports The BBC.

“Clearly their investors are saying ‘maybe you should just get out of London and have a fresh start'”, said BBC business editor, Kamal Ahmed.

The bank may decide to sell its retail bank, originally called Midland Bank, he added.

HSBC makes most of its money outside of the UK. Asia accounts for about 80% of its profit.

The bank has had its headquarters in the UK since 1992.