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THE FOG

The economy, politics and current affairs Money, power and its guiding forces

Banished by Brexit

HSBC to relocate 1,000 key jobs from London to Paris because of Brexit

 

Theresa May, a woman more interested in getting het up about Easter eggs than the fate of the British economy, should take note. HSBC are planning on relocating as many as 1,000 of its traders and salespeople from London to Paris due to Brexit.

 

Representing a section of the firm’s staff that generates a most significant 20% of its revenue, the move accompanies news that the bank’s clients “are asking to book more of their trade and foreign exchange activity in their French operation through [the firm’s] Paris office than their UK” divisions.

On Wednesday, Noel Quinn, head of global commercial banking at HSBC Holdings Plc, told Stephen Morris of Bloomberg Markets:

 

“Some companies are also evaluating whether to ‘flip’ their regional head offices to European cities from Britain. This would require them to reclassify the UK branch as a country office that would become a subsidiary of the continental headquarters”.

 

Comments

14 comments on “Banished by Brexit”

  1. HSBC is a firm of dodgy epic proportions!!!!!!!!!!!!!!!! Noel Quinn has fed you a yarn and a lie!!!!!!!!!!!!!!!!!! They are relocating jobs because they are upto something!!!!!!!!!!!!!!!!!!! I smell a Bernie Madoff in the making!!!!!!!!!!!!!!!!!!!!!!! Theresa May will MAKE GREAT BRITAIN GREAT AGAIN and Britain will LOVE Brexit!!!!!!!!!!!!! You will own your borders again and you will kick out the dodgy immigrant lazy assed filth that is robbing your country of its deserved greatness!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  2. HSBC will be just the beginning. David Cameron has a lot to answer for and should be sent to The Tower. Britain will not become what Rod imagines. It’s headed to hell in a handcart instead.

    1. Brian….don’t you see and understand what is happening in Europe?
      For goodness sake, man, get you head out of the sand and begin to understand that the populations of most EU member states are beginning to feel its an experiment that has gone too far and is failing. Try thinking for yourself instead of parroting the views of vested interests.

    1. So, our City guru, Fiona, opines….should we listen? Probably not. Fiona, stick to the things you understand like organising lunches for your lady friends.

    1. and never trust HSBC. A bank that grew out of financing the illicit opium trade with China and still likes to keep it hand in by laundering drug money.

  3. I am feeling positive about Brexit. The property market is holding up well and the sun is shining. Our future is brighter than you’d think.

    1. Yolanda is right.
      I write from France where the anti EU sentiment is real and growing; hence the reason why MLP is getting such incredible levels of support for her major policy plans…leaving the EU; the sidelining the Euro and getting fierce with radical Islam.
      She may not win but the level; of support she has shows she has the people on her side.

  4. There is opportunity in this great city and it is in the interests of Britain for London to flourish. Theresa May will cut taxes and make it better for us all.

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