HSBC is moving its retail banking arm from Canary Wharf, E14, to Birmingham and today has renewed threats which could see it spin off its retail banking arm in the UK if rules on ringfencing reduce its influence below a level with which it is comfortable.
Among the reasons thought to be behind the move north are costs and changes in financial regulations.
When one large player like HSBC decides to vacate space in London will there be a domino-like cascade of further deals?
There are moves in the offing: law firm Freshfields Bruckhaus Deringer declines to comment on rumours that it has shortlisted buildings in Manchester for a 100,000 sq ft requirement to house staff relocated from London.
And as EG went to press Bilfinger GVA was mulling over developer submissions for its Project Jupiter requirement. Understood to involve the relocation of a government department, up to 500,000 sq ft could be taken in Liverpool and Manchester.
• Should alarm bells be ringing? Click here to read our full analysis.
