HSBC Will Only Move Jobs Out of London in ‘Extreme’ Brexit Scenario

HSBC’s chairman Douglas Flint said the staff would only be moved in an “extreme” outcome of Brexit negotiations

by Tim Wallace

HSBC is very unlikely to move 1,000 bankers from the UK to France in the wake of the British vote to leave the European Union.

In February the bank’s chairman Douglas Flint had indicated the jobs could move across the Channel in the event of Brexit.

But he has rowed back from those earlier comments, now reassuring his workforce that no changes are imminent, and 1,000 would be an “extreme” scenario.

[…] “If you look at elements of the wholesale business which depended upon passporting rights, if you thought we were going to lose all of those passporting rights, to take one extreme, it could be up to 1,000 jobs,” he told TheCityUK’s annual conference in London.

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