Will HSBC create more banking jobs in Hong Kong?

HSBC may be considering a move to the east in reaction to proposed amendments to banking legislation in the UK, it has been reported.

In a move that could create more banking jobs in Hong Kong for Britons, the high street financial services provider had already moved its chief executive's office to the special administrative region of China.

Now, HSBC's chairman of Europe, Middle East and Global Businesses Stuart Gulliver has suggested that the group may continue its move overseas, should a proposal by the coalition's Independent Commission on Banking to break up the banks get the go-ahead.

The Motley Fool notes that should the Commission choose to split investment banking from high-street banking, it could spell an end to universal banking in the UK.

It adds: "The most likely new home for the Hong Kong & Shanghai Banking Corporation would be - surprise, surprise - Hong Kong, the home of [HSBC] CEO Michael Geoghegan since February."

Meanwhile, Royal Bank of Scotland has revealed that it will be axing 3,500 UK jobs.