HSBC CFO says bank will stay in UK, focus on local clients despite tax uncertainty
HSBC CFO Georgette Guo said the UK remains the bank's home market and it will not relocate, despite potential tax rises in the upcoming budget. The bank has cut $1.9bn of its $2bn cost-saving target and is searching for Guo's successor as she plans to retire next year.
HSBC chief financial officer Georgette Guo said the UK remains the bank's home market and its business focus is on supporting local customers, particularly small and medium-sized enterprises. Her comments come as Britain prepares to announce its new budget, with market attention on whether Chancellor Rachel Reeves will increase bank taxes to fund a living support measure.
Guo said it is not appropriate to speculate on the budget content at this stage, but she is encouraged by the government's pro-growth policy direction. She added that the government's success in reaching international trade deals reflects the group's role in connecting Britain to the world. HSBC will respond to clients' commercial investment decisions and observe how businesses and customers react to the budget.
The CFO said HSBC's registered headquarters are in the UK and the bank will remain there. Regardless of tax policy changes, it will continue to support local customers and respond to the needs of clients in each market. She stressed that there is no pressure to relocate at present.
HSBC earlier announced that Guo plans to retire as CFO and executive director next year. Guo said the succession search is robust and rigorous, covering both internal and external candidates. She has allowed sufficient transition time and will continue to advise the chief executive after stepping down from the board, ensuring a smooth handover.
Regarding HSBC's target to save $2bn in costs, Guo said the initiative has already cut approximately $1.9bn, and the cost-reduction programme is expected to wind down by year-end. Business divestments have also contributed to savings, and the group will continue to redeploy resources to businesses that are scaled, strategically aligned and have competitive advantages.