HSBC says it will shift some UK-based trading staff to Paris after Britain quits EU
Davos — HSBC would move staff generating about a fifth of its UK-based trading revenue to Paris after Brexit, CE Stuart Gulliver said on Wednesday. He said in an interview at World Economic Forum meeting in Davos, Gulliver said: "We will move in about two years time when Brexit becomes effective." HSBC, Europe’s biggest bank, had the licences it needed for the move, Gulliver said. It had to set up an intermediate holding company in France. HSBC’s global banking and markets division, which houses those trading jobs, made a $384m profit in the UK in 2015, said the company. Gulliver has been outspoken about the impact of the Brexit vote, saying just after the referendum last June that his bank could move about 1,000 jobs to Paris.
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