HSBC to review whether it should move HQ from UK

Banking giant HSBC is to carry out a review into whether to keep its headquarters in the UK, it has been announced.

In a statement, HSBC group chairman Douglas Flint said the bank was responding to "regulatory and structural reforms" in the industry in the wake of the financial crisis.

"As part of the broader strategic review taking place, the Board has therefore now asked management to commence work to look at where the best place is for HSBC to be headquartered in this new environment," he said.

Mr Flint added that it was "too soon to say how long (the review) will take or what the conclusion will be".

The statement also warned of the "economic uncertainty" of continuing UK membership of the European Union.