Wed, 23 Jun 2021 Today's Paper

HSBC to shift staff from Britain to Paris after Brexit

19 January 2017 08:58 am - 0     - {{hitsCtrl.values.hits}}

A A A

REUTERS: HSBC will move staff responsible for generating around a fifth of its UK-based trading revenue to Paris following Britain’s exit from the European Union, Chief Executive Stuart Gulliver said yesterday.
“We’re not moving this year and maybe not even next year,” Gulliver said in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos.
“We will move in about two years time when Brexit becomes effective,” Gulliver added.
HSBC, Europe’s biggest bank, has all the licences it needs for such a move, Gulliver said, and would only need to set up a so-called intermediate holding company in France, a move that should take only a matter of months. HSBC’s global banking and markets division that houses those trading jobs made 
profits of US $384 million in the UK in 2015, according to a company filing.
Gulliver has been among the more outspoken global bank chief executives about the impact of the Brexit vote, saying in the immediate aftermath of the referendum last June that the bank could move around 1,000 roles to Paris.
Britain’s financial services sector has said it will accelerate plans to move some business overseas after Prime Minister Theresa May said on Tuesday the country will quit the European Union’s single market.
Banks had initially hoped Britain could retain the access to Europe’s single market that allows them to trade and sell all financial products from London, meaning they would not have to move staff, but such a deal now looks unlikely.
Financial firms instead have shifted to pushing for a transitional period in case it proves difficult to negotiate a favourable deal or if talks are protracted and go beyond 
the two-year time frame for divorce talks.
HSBC shares were up 1 percent by 0821 GMT, against a 0.8 percent fall in the broader European banks index.

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment


SLPP eats humble pie over fuel price hike statement

The statement put out by SLPP (Sri Lanka Podujana Peramuna) General Secretar

GSP+: Isn’t there a way out?

The European Parliament’s resolution on Sri Lanka on June 10 was the second

Is Litro Gas above the regulator?

After an in-house battle among members of the top management of the Consumer

Statistical blunders expose administrative weaknesses

Information helps save lives and during a pandemic a free-flow of vital, accu



See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.