GOLD 0.51% $1,391.7 gold futures

HSBC doing the usual shuffle...perhaps they are off to...

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    HSBC doing the usual shuffle...perhaps they are off to Spain...France, US out...getting harder to rig the markets now, and there is a threat of transparency good grief! Whasts the world of banking coming to...hope for gold yet

    HSBC has said it is considering moving its headquarters out of the UK.
    The bank said the review followed "regulatory and structural reforms" since the financial crisis.
    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 closed the day ahead by 2.86% after the news.

    HSBC has not yet said where it may consider moving its headquarters to, although many expect Hong Kong to top the list.
    'Big and sprawling'

    "The only even faintly credible option is Hong Kong," said Alex Potter, banking analyst at Mirabaud Securities.
    "HSBC is so big and sprawling," said former banker and author Philip Augar. "Would Hong Kong wish to have a bank this big on its balance sheet?"
    But the Hong Kong Monetary Authority has said that it would welcome HSBC back to Hong Kong. "HSBC is the largest bank in Hong Kong and has deep historical links with Hong Kong," it said in a statement.
    However, a move to Hong Kong may not necessarily help the bank cut costs.
    "HSBC will pay several hundred million dollars more in tax in 2015 [if it stays in the UK], but it would cost several hundred millions of dollars to move the bank to another country," says Mr Potter.
    And "the Chinese government may prove to be less predictable than the UK's," he added.

    HSBC says it has been placed under formal criminal investigation by French magistrates over alleged past tax-related offences at its Swiss private bank.
    It added that bail of €1bn ($1.075bn; £726m) has been imposed.
    HSBC said it believed the French magistrates' decision was "without legal basis and the bail is unwarranted and excessive".
    It added that it would appeal and "defend itself vigorously".
    The French claims relate to the conduct of HSBC's Swiss private bank in 2006 and 2007.

    HSBC has come under fire over what it knew about some clients' tax affairs.
    Details of some 30,000 accounts at HSBC's Geneva-based private bank were leaked to the French authorities by a whistleblower, Herve Falciani, in 2007.
    Information about 3,600 UK account holders were passed to HMRC.
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