326 lines
12 KiB
Plaintext
Executable File
326 lines
12 KiB
Plaintext
Executable File
finance
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newsbysector
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banksandfinance
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8414741
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# UK banks could lose business to rivals within months, warns HSBC's Douglas
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Flint
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## Uncertainty over future controls on the British banking industry could see
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them lose business to foreign rivals within months, according to Douglas
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Flint, chairman of HSBC.
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![UK banks could lose business to rivals within months, warns HSBC's Douglas
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Flint][1]
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UK banks could lose business to rivals within months, warns HSBC's Douglas
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Flint Photo: GETTY
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[![Harry Wilson][2]][3]
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By [Harry Wilson][4], Banking Correspondent 5:45AM BST 30 Mar 2011
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[Comments][5]
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Addressing an audience of top City analysts and institutions, Mr Flint offered
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one of the bluntest assessments yet of London's future as a financial centre
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less than two weeks before the Government-appointed Independent Commission on
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Banking is due to deliver its preliminary report.
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Mr Flint said HSBC worried "a lot" about the new regulations the Government
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could bring in and said that unless the situation was clarified within months
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UK-based banks would begin to lose business.
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"I talk to institutions and customers. The simple point they have is one of
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'We have to run our business and if in five or six months' time it's not clear
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what the structure of UK-based banks will be when we've got to do 10-year
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swaps, or 15-year credit arrangements, or set in place a framework that you
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want to last for a long time, it's going to be more and more likely we are
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going to move to a universal bank that can say in 10 years' time it will still
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be doing swaps out of this particular entity'," said Mr Flint.
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HSBC's commitment to the UK has increasingly been in question in the past
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month after Mr Flint and chief executive Stuart Gulliver were forced to put
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out a statement denying the bank was likely to move its headquarters to Hong
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Kong.
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Fears of an exodus of major banks from the UK in the wake of new regulation
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were stoked further yesterday with the publication of a UBS report suggesting
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Barclays should look at redomicile.
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## Related Articles
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* [Barclays is most complained about][6]
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30 Mar 2011
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* [Q&A: What is the Independent Commission on Banking?][7]
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08 Apr 2011
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* [Banking report could destroy London's place as top financial centre][8]
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30 Mar 2011
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* [The banking crisis in pictures][9]
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30 Mar 2011
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* [Banks up the ante: hollow threats or endgame?][10]
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30 Mar 2011
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"Concern over 'too big to fail' dominates the UK regulatory agenda but rather
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than Barclays being too big, it may well be that the UK is too small," said
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UBS.
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UBS argues that while US peers such as JP Morgan Chase that are in a similar
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financial position have been allowed to begin making full dividend payments,
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Barclays' shareholders are suffering because of the UK authorities' reluctance
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to allow them to return to their pre-crisis level of payouts.
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"While staff compensation is driven by international comparisons, rewards to
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shareholders look increasingly determined by local regulators. If this
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difference becomes permanent, we think Barclays has little option but to
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consider shifting domicile," said UBS.
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The Independent Commission on Banking is due to publish an options paper next
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month setting out its thinking on what needs to be done to make the UK's
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banking system safer and more competitive. Reforms under consideration include
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forcing banks to separate their so-called "casino" investment banking
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operations that have been blamed for causing problems at banks such as Royal
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Bank of Scotland.
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Mr Flint warned any such move might lead banks to "take decisions to protect
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their economic activities".
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Speaking at the same event, Stephen Hester, chief executive of RBS, said that
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regulatory fears were holding back the bank's performance.
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"Economic and market environment remains uncertain and may take time to
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clarify," said Mr Hester.
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George Osborne, presenting the Budget last week, said he was committed to
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ensuring the UK remained a world leader in financial services. However, the
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Chancellor's increase to the banking levy has only upset the industry.
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[X][11] Share & bookmark
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[What are these?][12]
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* Share: [Share][11] [ ][13] [ ][14]
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[Tweet][15]
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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8414741/UK-
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banks-could-lose-business-to-rivals-within-months-warns-HSBCs-Douglas-
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Flint.html
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Telegraph
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## [Banks and Finance][16]
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* ### [Finance »][17]
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* ### [News by Sector »][18]
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* ### [Business Latest News »][19]
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* ### [Harry Wilson »][3]
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In finance
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[![Irish bank stress tests: the key points][20] ][21]
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### [Irish bank stress tests: key points][21]
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[![Q&A: What is the Independent Commission on Banking?][22] ][7]
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### [Q&A: What is the Independent Commission on Banking?][7]
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[![Lehman collapse: lives shattered, markets in turmoil.][23] ][9]
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### [The banking crisis in pictures][9]
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[![][24] ][25]
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### [Top 10 banking stories of 2010][25]
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[![Rothschild rebrand drops investment banking after 200 years][26]][27]
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### [Banking and Finance vacancies at Telegraph Jobs][27]
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[X][11] Share & bookmark
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Delicious Facebook Google Messenger Reddit Twitter
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Digg Fark LinkedIn Google Buzz StumbleUpon Y! Buzz
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[What are these?][12]
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Share:
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* [ ][11]
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* [ ][13]
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* [ ][14]
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* [Tweet][15]
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* Advertisement
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![][28]
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telegraphuk
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Please enable JavaScript to view the [comments powered by Disqus.][29] [blog
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comments powered by Disqus][30]
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Advertisement
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[Market Data »][31]
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risers and fallers
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Finance Most Viewed
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* TODAY
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* PAST WEEK
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* PAST MONTH
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1. [Britain faces bleak two years after feeble economic growth][32]
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2. [Look, even Sweden charges for healthcare][33]
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3. [BMW blames speculators as aluminium costs rise][34]
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4. [US consumers in spending retreat][35]
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5. [Google sued by PayPal in Silicon Valley's mobile war][36]
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1. [What happens when Greece defaults][37]
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2. [Dominique Strauss-Kahn: DNA samples confirm sperm traces on maid's
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dress][38]
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3. [It's ever more obvious, Greece must leave the euro][39]
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4. [Dominique Strauss-Kahn: new claims of sexual misconduct add to pressure
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on former IMF chief][40]
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5. [How the euro crisis end game might look][41]
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1. [What happens when Greece defaults][37]
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2. [Dominique Strauss-Kahn: IMF head 'hired prostitutes from Manhattan
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madam'][42]
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3. [Dominique Strauss-Kahn: DNA samples confirm sperm traces on maid's
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dress][38]
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4. [A tax-based alternative to the Alternative Vote][43]
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5. [Dominique Strauss-Kahn: maid experienced 'extraordinary trauma'][44]
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Advertisement
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Classified Advertising
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* [Finance Jobs][45]
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* [Travel][46]
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* [Fine Arts][47]
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Loading
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[Find your ideal job with Telegraph Jobs][48]
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