HSBC Says There Is "No Pressure" to Move Its Headquarters Out of the UK
HSBC's chief financial officer, Pam Kaur, said there was "no pressure" on the bank to move its headquarters out of the United Kingdom, even as the government prepares to raise taxes on banks. The Guardian reported her remarks on Tuesday, October 27, 2026.
Kaur said HSBC is domiciled in the UK, which means its legal home is there, and that it remains in the country. She described a move as "just not on the table." Kaur became the bank's first female chief financial officer, with her appointment taking effect on January 1, 2025. She had previously been HSBC's chief risk and compliance officer.
The question of headquarters comes against a tax debate in London. UK Chancellor John Healey, the country's finance minister, was planning to tax Britain's banks in the budget on October 28, 2026, likely reversing the previous Conservative government's cuts to the bank surcharge, which is an extra tax on bank profits.
HSBC's shares, which are listed in London, fell almost 6% on the morning of October 27. That drop threatened the bank's position as the largest company on the FTSE 100, the index of the biggest businesses listed on the London Stock Exchange.
The results behind those moves showed a 32% rise in third-quarter profit, to $9.6bn (£7.2bn). Net interest income, the money a bank earns from loans above what it pays out on deposits, rose to $9.3bn from $8.8bn a year earlier. Alongside the results, HSBC announced plans to return $2.7bn to shareholders through dividends, which are cash payments to shareholders, and share buybacks, in which a company purchases its own shares.
