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Bank charges: Barclays considers moving HQ to US

Barclays is considering moving its headquarters from London to New York, according to reports.

City AM has revealed that senior officials at the bank have been debating the merits of such a move for the past few weeks, although they have encountered a number of potential obstacles to the switch.

The firm are looking to escape the government's £2.5 billion banking tax and the proposed split in retail and investment divisions, but could be blocked by regulatory difficulties.

Barclays has a large UK branch network which would be regulated by the Financial Services Authority (FSA) even if they move to the US.

Furthermore, it would need to be re-endorsed by the FSA operating in Britain, while a large amount of capital may be need to be held in its UK division.

"The FSA would have to satisfy itself that it could have proper oversight over the UK operation," a source told the news provider. "It's possible that this might require all sorts of safeguards."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800200600-ADNFCR

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