HSBC to move 1,000 jobs to Paris
HSBC has unveiled plans to shift 1,000 jobs from London to Paris when Britain leaves the European Union.
"We will move in about two years' time when Brexit becomes effective," chief executive Stuart Gulliver said at the World Economic Forum in Davos, a day after UK Prime Minister Theresa May said Britain would leave the single market but would aim to achieve the 'greatest possible access to it' through a 'bold new free trade agreement'.
"Activities covered specifically by European financial regulation will need to move; looking at our own numbers, that's about 20% of the revenue," Mr Gulliver told Bloomberg Television.
Banks and financial companies in London have been waiting for some clarity on whether the UK will keep financial 'passporting rights', which allow them to trade freely across Europe after it leaves the EU.
Mr Gulliver added HSBC had an advantage over other banks, as it already has a presence in Europe after buying Credit Commercial de France in 2002, which holds most of the passporting rights it needs to trade in Europe.
But he warned that other financial businesses would 'have to make decisions pretty quickly now given that the UK said it will come out of the single market about applying for banking licenses in some of the EU countries'.
Earlier this month, JP Morgan boss Jamie Dimon warned that up to 4,000 financial-sector jobs could be lost in Britain if it loses access to European financial markets.
The investment banking arm of Switzerland's UBS is also preparing to move employees from London, its president has said. Other banks are expected to announce more concrete plans in the coming months.
