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”.