Stuart Gulliver, investment banking head for HSBC, said that while the firm's preference is to remain based in the UK, it may reconsider its position depending on the commission's findings, reports the Financial Times.
"It is clearly possible that that commission comes up with a recommendation to break up the banks," he stated.
"[That] has significant implications clearly for where we may choose to headquarter our institution."
If such a move does go ahead, it is likely HSBC will relocate to Hong Kong, which is already the base of the office of its chief executive Michael Geoghegan.
Last month, HSBC chairman Stephen Green outlined proposals for the formation of a banking industry taskforce in the UK designed to encourage more lending to businesses.
By Tony Aynsley