HSBC headquarters to relocate from London to Birmingham

HSBC headquarters to relocate from London to Birmingham

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Discussion

Fittster

Original Poster:

20,120 posts

212 months

Tuesday 7th April 2015
quotequote all
Du1point8 said:
Fittster said:
https://uk.finance.yahoo.com/news/hsbc-faces-hit-u...

So which politician will twist HSBC's arm enough to head back to Hong Kong.
Its ok... the lefties want this and think that the banks won't leave the uk, or if they do they were better off without them.
This is the levy introduced by George Osborne, which he is planning to increase.

"Mr Osborne increased the bank levy for the eighth time in four years in the Budget . The increase is expected to raise an extra £4.4bn over the next five years. A restriction on tax deductible payments linked to misconduct fines is forecast to raise a further £1bn."


Looks like both parties are happy to go after the banks.

stu67

804 posts

187 months

Tuesday 7th April 2015
quotequote all
This "on shoring" to cheaper parts of the UK is all the rage especially with within corporate "back office" in London. Relocation for a majority of the staff is generally a non starter, in fact HSBC don't want you to relocate really, why pay London wage rates? What they would like you to do is stay on for an extra 6 months or so for a redundancy package + to facilitate a better handover to the cheaper Midland staff.

FiF

43,960 posts

250 months

Tuesday 7th April 2015
quotequote all
Be interesting to compare the proportion of HSBC staff prepared to move with the very small % of BBC luvvies in their current move to Brum.

Fantic SuperT

887 posts

219 months

Tuesday 7th April 2015
quotequote all
TSB did exactly the same thing in the mid-1990's. The good staff, especially those with spouses who didn't have the same employer, found other jobs in London. The not-so-good took the relocation package and by the time the paint was dry TSB merged with Lloyds and the Birmingham HQ idea was reversed back to London.
Nice work for estate agents I suppose.

FiF

43,960 posts

250 months

Tuesday 7th April 2015
quotequote all
Not to mention the relocation expenses game that some play.

Pokey flat > nice place
Stay long enough per any rules.
Relocation to SE, but complain look where we live! Can't afford etc etc. Get assistance.
Stay long enough per any rules.
Relocation again into mansion / castle.

Seen people play this game in public sector. Is banking any different except it's not taxpayer's money.

Pit Pony

8,265 posts

120 months

Tuesday 7th April 2015
quotequote all
iphonedyou said:
McWigglebum4th said:
Poor bds having to locate to birmingham

how will they cope with having houses with more then 1 bedroom


And what if they end up with



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a




GARDEN


Poor southerns will be lost
Would take a lot more than to entice me. Moon on a stick, maybe.
I live in Merseyside, have lived in Brum, Coventry and Derby, and parents lived in Solihull for a while.

My son lives in NW7 and we spent easter in london with him. Was dragged around Camden Lock, and then to the zoo.
Today I had an extra day off, and walked the dog on the beach. I wonder which I prefered?

The thing about Brum is that within commuting distance you can find some very nice property, and you are never far from countryside. The city centre is compact, and there's enough going on to not get board.

Pickled Piper

6,334 posts

234 months

Friday 17th April 2015
quotequote all
I agree with others on here. It's a one way move due to the disparity in house price. Once in the Midlands, people get used to having more space, fellow commuters that chat to you etc etc.

pp

rxtx

6,016 posts

209 months

Friday 17th April 2015
quotequote all
Pickled Piper said:
fellow commuters that chat to you etc etc.
What? Outrageous.

Pit Pony

8,265 posts

120 months

Saturday 18th April 2015
quotequote all
rxtx said:
Pickled Piper said:
fellow commuters that chat to you etc etc.
What? Outrageous.
How do they chat ? You'll be driving (at a reasonable speed) into the city centre and parking up in your reasonably price car park.



Fittster

Original Poster:

20,120 posts

212 months

Monday 20th April 2015
quotequote all
Looks like George Osborne could drive HSBC out of London.

"Douglas Flint, the chairman of the UK largest lender, has said that HSBC could soon consider a move away from its London base

Britain's biggest bank could leave London amid concerns from investors that regulators are pushing the sector too hard, the lender’s chairman has warned.

Responding to an investor in Hong Kong, Douglas Flint, chairman of HSBC, said that: “We are beginning to see the final shape of regulation, the final shape of structural reform and as soon as that mist lifts sufficiently, we will once again start to look at where the best place for HSBC is.”

https://uk.finance.yahoo.com/news/hsbc-chairman-wa...

speedy_thrills

7,760 posts

242 months

Tuesday 21st April 2015
quotequote all
Sorry, how are HSBC proposing to save this money? If they need the UK banking licence they'll have to pay the levy which is charged on short-term liabilities.

Also in terms of PR, after all that HSBC has been through, would the saving even be worth being seen as more treacherous and deceitful by the public?

carreauchompeur

17,830 posts

203 months

Tuesday 21st April 2015
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Wow, all these institutions moving to Birmingham. Sounds like it's the new financial powerhouse, if only we had a dedicated high speed link to London.

Pit Pony

8,265 posts

120 months

Tuesday 21st April 2015
quotequote all
carreauchompeur said:
Wow, all these institutions moving to Birmingham. Sounds like it's the new financial powerhouse, if only we had a dedicated high speed link to Leeds/Manchester/Sheffield/Hull/Sunderland/Penrith/Liverpool/Holyhead/Cardiff/Glasgow/Inverness/Derby/Rotherham.
I've edited it, to expand on what anyone North of Newport Pagnell wants. We don't give a st how quick it is to get to London, but we'd quite like to be able to get from Southport to Derby on a train, in less than a couple of hours, without changing 3 times.

(The North begins in Crewe apparently)



Moonhawk

10,730 posts

218 months

Tuesday 21st April 2015
quotequote all
Pit Pony said:
I've edited it, to expand on what anyone North of Newport Pagnell wants. We don't give a st how quick it is to get to London, but we'd quite like to be able to get from Southport to Derby on a train, in less than a couple of hours, without changing 3 times.

(The North begins in Crewe apparently)
Even trains from Crewe aren't great.

My wife is having to work out of Milton Keynes for a few months and has to be in by 10am on monday morning. Looked into the trains.

Direct trains that will get her into MK by 10am all take between 2 and 2 and a half hours.

Faster routes all involve 1 or 2 changes - but even then the fastest route (assuming all the connecting services....erm.....connect) is about 1 hour 40 (not including travel times to and from the terminal stations)

As soon as we get into "off peak" time (i.e. around 9am) - there is a direct train to MK with a travel time of just over an hour!

So we have trains running between Crewe and MK in prime commuting time which are a palava of connecting services or are much slower than off peak trains. As soon as we go off peak - the service is direct and fast. Then they wonder why people are reluctant to commute by train!


theboss

6,878 posts

218 months

Tuesday 21st April 2015
quotequote all
Moonhawk said:
Pit Pony said:
I've edited it, to expand on what anyone North of Newport Pagnell wants. We don't give a st how quick it is to get to London, but we'd quite like to be able to get from Southport to Derby on a train, in less than a couple of hours, without changing 3 times.

(The North begins in Crewe apparently)
Even trains from Crewe aren't great.

My wife is having to work out of Milton Keynes for a few months and has to be in by 10am on monday morning. Looked into the trains.

Direct trains that will get her into MK by 10am all take between 2 and 2 and a half hours.

Faster routes all involve 1 or 2 changes - but even then the fastest route (assuming all the connecting services....erm.....connect) is about 1 hour 40 (not including travel times to and from the terminal stations)

As soon as we get into "off peak" time (i.e. around 9am) - there is a direct train to MK with a travel time of just over an hour!

So we have trains running between Crewe and MK in prime commuting time which are a palava of connecting services or are much slower than off peak trains. As soon as we go off peak - the service is direct and fast. Then they wonder why people are reluctant to commute by train!
It's unfortunate for MK that very few fast ones stop there I guess - you get the wonderful LM services instead.

Hopefully that will improve when HS2 creates a million free WCML paths smile

Pit Pony

8,265 posts

120 months

Tuesday 21st April 2015
quotequote all
theboss said:
Moonhawk said:
Pit Pony said:
I've edited it, to expand on what anyone North of Newport Pagnell wants. We don't give a st how quick it is to get to London, but we'd quite like to be able to get from Southport to Derby on a train, in less than a couple of hours, without changing 3 times.

(The North begins in Crewe apparently)
Even trains from Crewe aren't great.

My wife is having to work out of Milton Keynes for a few months and has to be in by 10am on monday morning. Looked into the trains.

Direct trains that will get her into MK by 10am all take between 2 and 2 and a half hours.

Faster routes all involve 1 or 2 changes - but even then the fastest route (assuming all the connecting services....erm.....connect) is about 1 hour 40 (not including travel times to and from the terminal stations)

As soon as we get into "off peak" time (i.e. around 9am) - there is a direct train to MK with a travel time of just over an hour!

So we have trains running between Crewe and MK in prime commuting time which are a palava of connecting services or are much slower than off peak trains. As soon as we go off peak - the service is direct and fast. Then they wonder why people are reluctant to commute by train!
It's unfortunate for MK that very few fast ones stop there I guess - you get the wonderful LM services instead.

Hopefully that will improve when HS2 creates a million free WCML paths smile
Funny that. I was working in Hemel Hempstead last year for 6 months.

Option 1 involved leaving at 5am and arriving between 8:30 and 9:30 by car.
Option 2 involved driving to Runcorn Station (just 30 miles away) to join the 5:43 train from Liverpool, Changing at MK, about 7:15 and getting to Hemel by 7:58. Bus to the factory by 8:30 ish

Pay £8 a day to park at Runcorn. If I got the first train from the station nearest me, I couldn't leave before 6:30 am and would get to HH at 10:40

anonymous-user

53 months

Tuesday 21st April 2015
quotequote all
speedy_thrills said:
Sorry, how are HSBC proposing to save this money? If they need the UK banking licence they'll have to pay the levy which is charged on short-term liabilities.
It's charged on UK based liabilities over 20bn. As I understand it the non-UK banks who would have had to pay the levy simply moved the liabilities. Consequently the British banks are the only ones left paying it. Obviously Barclays and RBS have been shrinking their balance sheets to which leaves the Chancellor picking up a fraction of what he expected and HSBC and Standard Chartered, ironically given their relative crisis performance, paying far more than they ever expected with likely increases in future. My assumption is moving their corporate domicile will allow them to move these liabilities and avoid the charge. It's a very real threat, Gulliver already lives in Hong Kong

Du1point8

21,604 posts

191 months

Friday 24th April 2015
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Nothing about HSBC looking to move to HK and bring back Midland bank?

Eric Mc

121,779 posts

264 months

Friday 24th April 2015
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Maybe they meant Birmingham, Alabama.

Jonsnow606

116 posts

113 months

Friday 24th April 2015
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or chemseley wood, or kitts green, kings Norton... and so on...

you can go both ways... if you catch my drift biggrin


Loudy McFatass said:
eatcustard said:
I recommend all the HSBC people moving up from London to move to Sparkbrook, its a top place to live. smile
Or Alum Rock is another good shout.