HSBC, Standard Chartered Fall on Early Results of UK Vote

NewsMax ^ | 24 June 2016 | NewsMax

[Cronos]

London-based banks HSBC Holdings Plc and Standard Chartered Plc tumbled in Hong Kong after early results from Britain’s European Union referendum indicated greater support for an exit than academics had forecast.

HSBC, which made about a third of its 2015 revenue in Europe, fell as much as 3.1 percent and Standard Chartered as much as 3.7 percent.

Financial institutions including JPMorgan Chase & Co., HSBC and Deutsche Bank AG warned ahead of Britain’s vote that they could shift some operations from London if the U.K. left the EU. HSBC would probably move about 1,000 investment bankers to Paris in the event of an exit, Chief Executive Officer Stuart Gulliver said in February.

It was only four months ago that HSBC said it will maintain its headquarters in London, a move that helped underscore the city’s status as a global financial hub. The decision, which followed 10 months of deliberations, came after the bank secured concessions from the U.K. government on regulation and taxes

[Cronos]

HSBC and StandardChartered both have their headquarters in London, but 60 % to 85% of their business is in Asia.

I believe they will move their headquarters to somewhere in asia. The contenders are Hong Kong, Dubai and Singapore. HK would be best but there is the Chinese juridiction question.

I believe Singapore will take advantage of this turmoil to grab business from London and most likely the two will shift to Singapore and keep large branches in Dubai and HK

[aimhigh]

Today will be a “buying low” opportunity.

[Kolokotronis]

“I believe they will move their headquarters to somewhere in asia. The contenders are Hong Kong, Dubai and Singapore. HK would be best but there is the Chinese jurisdiction question.

I believe Singapore will take advantage of this turmoil to grab business from London and most likely the two will shift to Singapore and keep large branches in Dubai and HK “

Just so long as the Hong Kong & Shanghai Banking Corp., a capitalist cancer if ever there was one, doesn’t move any more of its operation here! In my opinion, based on what we are seeing in courts in this country everyday, HSBC is nothing but a RICO outfit.