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January 19, 2017

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HSBC plans to relocate jobs to Paris after Brexit

Source: Agencies | January 19, 2017, Thursday | Print Edition

HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the European Union.

Major financial firms warned for months before Britain’s referendum on European Union membership in June that they would move jobs out of the country if there was a vote to leave, but have set out few details since on how many will go or where to.

“We will move in about two years’ time when Brexit becomes effective,” Chief Executive Stuart Gulliver said yesterday at the annual meeting of the World Economic Forum in Davos, in a potentially damaging first blow to London’s status as Europe’s main financial center.

Other banks are expected to announce more concrete plans for how they will adapt to Brexit in the coming months after Prime Minister Theresa May confirmed in a speech on Tuesday that Britain would leave the European single market.

HSBC, Europe’s biggest bank, is at an advantage to its major US rivals as it already has a large subsidiary in Paris that holds most of the licenses needed by an investment bank, meaning Gulliver has been able to set out more detailed plans.

It is expected to move around 1,000 staff who are involved in trading products such as European stocks that are regulated by the EU. HSBC’s global banking and markets division that houses those roles made profits of US$384 million in the UK in 2015, according to a company filing.

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