HSBC could move 1,000 jobs from London after Brexit

HSBC-700x450.jpgHSBC could move 1,000 staff from its London office to Paris, following the UK’s vote to leave the EU last week.

The bank would move up to 1,000 staff if the UK comes out of the single market, the BBC understands.

Ahead of the result of the EU referendum, HSBC chief executive Stuart Gulliver said the bank would likely move about 1,000 bankers out of London if Brexit happened.

It is thought the staff to be relocated would be those who process euro payments for HSBC in Canary Wharf.

Among others, Morgan Stanley, BNP Paribas and JPMorgan have also reportedly made plans to reduce their UK operations following the vote to Brexit, the Independent reports.

London mayor Sadiq Khan has already pledged to fight to retain UK banks’ passporting rights in the EU, amid claims that the UK would lose those rights and access to the single market.

HSBC declined to comment.