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HSBC will likely switch jobs to France on Brexit

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LONDON: HSBC bank would likely switch 1,000 jobs to Paris from London, with Britain planning to leave the EU single market under Brexit, chief executive Stuart Gulliver told Bloomberg Television.


Speaking from the World Economic Forum in the Swiss ski resort Davos, Gulliver said in an interview that “about 1,000 jobs which are carrying out activities which are covered by European legislation... would probably need, in our case, to go to France”.


While Gulliver had in the past already hinted at such a switch of investment banking jobs, his comments appeared more precise as he suggested France would take precedence over other EU nations.


“We bought Credit Commercial de France in 2002, so we have a full service universal bank in France. And so for us, it’s France.”


Activities covered by European financial regulation that would need to move equate to about 20 per cent of revenue earned by HSBC’s investment bank division in London, Gulliver added.— AFP


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