It was the summer of 2007. AIG claimed credit-default swaps were safe; the models showed a 99.85 percent chance of never having to pay out. Instead, accounting issues came into play, especially as other companies had begun to write down their mortgage-backed investments, conceding a drop in values.

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The UK is being uncooperative and will tax bonuses. But HSBC is not the only bank complaining about it. International investment banks have been contacted by Spanish, French, German and US staff indicating their desire to return home or try other emerging financial centres such as Singapore and Hong Kong. One senior banker expects to relocate 200 staff to Paris in the coming year. Hundreds of other departures are expected from banks including Deutsche Bank, BNP Paribas, Société Générale, JP Morgan, Goldman Sachs and HSBC.

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In a holiday gesture to appease an unhappy community, HSBC Bank USA announced Thursday that it donated its closed Fillmore-Glenwood branch in Buffalo to the Community Action Organization (CAO) of Erie County, effective immediately. HSBC closed the branch, saying it was not profitable. Customers and community leaders said the bank “killed” the branch by offering insufficient hours and services, and they worried that its closure would further harm the urban neighborhood.

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The Jerulsalem Post reported that HSBC is moving the bank’s main headquarters to Hong Kong:

…But the future of the British economy is still grim. We are already seeing major players in London’s financial playground reducing their presence there. HSBC, the world’s largest bank, recently announced it was moving its main headquarters to Hong Kong. In addition, the Hong Kong administration has decided to withdraw its gold reserves from London.

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