The decision by HSBC to look into moving its headquarters from the UK could have implications for Barclays' investment bank in the US.

That's according to analysts at Bernstein, who put out a note Friday after HSBC revealed that it is considering leaving the UK, 22 years after relocating its headquarters from Hong Kong to London. The Hong Kong Monetary Authority responded today by saying that it would take "a positive attitude should HSBC consider relocating its headquarters back to Hong Kong."