HSBC, JPMorgan may move parts of businesses to Luxembourg: report

London

HSBC Holdings plc and JPMorgan Chase & Co 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 (EU), 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 US bank to transfer more of its business out of the UK in the event of a British exit (or a "Brexit"), The Times reported.

The banks are also considering the tougher rules imposed by the EU for conducting business outside of the eurozone, The Times said.

The changes are not likely to lead to a large number of jobs moving to Luxembourg and London would remain the European headquar…