HSBC Considers Moving HQ Out Of London; Shares Climb

HSBC Holdings PLC said on Friday it's launching an immediate review into moving its headquarters away from the U.K. In a prepared speech to be delivered at the bank's annual general meeting in London, Group Chairman Douglas Flint said the company was taking "fully into account the repositioning of our industry" in the wake of new regulatory and structural reforms put in place after the financial crisis. "As part of the broader strategic review taking place, the Board has therefore now asked management to commence work to look at where the best place is for HSBC to be headquartered in this new environment," he said. Shares of HSBC -- Europe's largest bank -- rose 2.7% in London.