February 15, 2016 by Victor Golovtchenko/Institutional FX, Finance Magnates
HSBC has highlighted in an announcement: “Asia remains at the heart of the Group’s strategy.” However, the “internationally respected regulatory framework and legal system” that London offers is unmatched.
Commenting on the decision, the Chairman of HSBC, Douglas Flint, said: “As we evaluated jurisdictions against the specified criteria, it became clear that the combination of our strategic focus on Asia and maintaining our hub in one of the world’s leading international financial centers, London, was not only compatible, but offered the best outcome for our customers and shareholders.”
Adding to the set of inconveniences is the growing demand for new employees in the region from a number of major banks that have announced the expansion of their businesses in Asia. As Finance Magnates has outlined in the past, the growing challenges in finding an adequate pool of talent in the Far East raises the barrier further.
“London is one of the world’s leading international financial centers and home to a large pool of highly skilled, international talent. It remains therefore ideally positioned to be the home base for a global financial institution such as HSBC,” the official announcement by HSBC on the matter highlighted.
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