CEO in waiting says this is not a threat and HSBC would rather stay in the UK. When is a threat not a threat?
Yet also on the same day we have news that the EU finance minsters have agreed a compromise agreement on Financial Industry regulation. This is being spun by MEP Tories' as a UK success (i.e. there has at least been some compromise rather than just a steamroller).
However all we now have is a highly confusing picture. The Government has its own report due out next year, meanwhile the FSA and Bank of England are struggling with their proposes changes of remit. Cable and Osborne are both quite up for breaking up the big banks, but treasury mandarins (all ex-investment bankers) are quite against it.
Meanwhile who knows what this European regulation will bring. It always brings more complexity than first imagined.
With all this flux, I doubt banks have to worry about any imminent changes and can spend their time paying lobbyists.
Let's just hope we don't have another financial crisis whilst everything is up in the air.....clearly risk is being added to the situation. Don't think the markets won't notice.