Go east, young man: HSBC moves CEO to Hong Kong

HSBC yesterday put Asia at the centre of its future plans, relocating its chief executive Michael Geoghegan from London to Hong Kong. The bank also said all future chief executives would be based in Asia, making Mr Geoghegan the last to be based in the City.

But the chairman, Stephen Green, denied that the move represented a reduced commitment to London. He said: "We assess where HSBC should be domiciled every three years and throughout my time, London has always comfortably been the answer. I don't see that changing.

"London is a terrific place to be based. Geography is a factor but it has all the support and services a company like HSBC needs. It has the right links to the rest of the world, the right tax regimen and the right regulation. We are not turning our back on London at all." Mr Geoghegan said he would work in London for 70 to 100 days a year and pay UK tax for that time. In Hong Kong, he will pay 16 per cent.