HSBC, JPMorgan may move parts of businesses to Luxembourg - The Times

HSBC Holdings Plc (HSBA.L) and JPMorgan Chase & Co (JPM.N) are in talks to relocate parts of their businesses to Luxembourg from the UK as they weigh the possibility of a British exit from the European Union, the Times reported. JPMorgan is close to setting up a bank based in Luxembourg to handle the clearing of eurozone transactions, paving the way for the U.S. bank to transfer more of its business out of the UK in the event of a Brexit, the Times reported. The banks are also considering the tougher rules imposed by the European Union for conducting business outside of the eurozone, the Times said.

HSBC, JPMorgan may move parts of businesses to Luxembourg - The Times source: http://finance.yahoo.com/news/hsbc-jpmorgan-may-move-parts-071204268.html