Banking giant HSBC has proposed a move to Birmingham for its retail and business banking UK headquarters, with approximately 1,000 jobs heading from London for the midlands hub.
Under current legislation, all UK banks must place their retail operations into ringfenced entities with separate funding and oversight to help reduce the risk of contagion in the event of another financial crisis.
Carole Taylor, partner for commercial property consultancy Vail Williams, said: “London may be the world capital in banking and finance, but our regional cities – especially those in the Midlands and North – are increasingly attractive options for the major players.”
Article continues after advert
