HSBC boss Douglas Flint has hinted that the bank will remain headquartered in the UK.
In April, the bank revealed that it was conducting a strategic review of its base, admitting that it was considering leaving the UK.
The bank makes much of its money in Asia and it was heavily linked to a move to the continent. Douglas Flint expressed concerns over the bank levy, which was scrapped by Chancellor George Osborne in his Budget in March.
However, the Daily Telegraph is now reporting that Mr Flint has hinted that HSBC will stay in the UK.
Speaking to a class at Cass Business School in London, he is understood to have said: "London has the biggest concentration of international banks and is one of the two largest financial centres in the world, and the regulatory expertise here reflects that need."