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HSBC may shift 1000 jobs from London to Paris

hsbc--621x414As the UK has decided to move out of the European Union, HSBC is planning to shift its 1000 jobs from London to Paris if the UK does not strike a deal to trade freely with the remaining EU countries, reports suggest. The employees affected currently work in Canary Wharf, processing payments which are denominated in Euros. If they move, they will join 10,000 other HSBC staff in Paris- around one fifth of the size of the bank’s London headquarters. The bank, which does much of its business in Asia, couple of months before came close to moving its headquarters to Hong Kong. One of the reasons the bank opted to remain in London was the city’s status as the main financial centre of Europe, which would be in doubt now. HSBC chairman Douglas Flint, on the outbreak of the result of referendum, said the work to establish fresh terms of trade with the bank’s European and global partners will be complex and time consuming. Reports suggested Britain may loose 50,000 to 70,000 finance jobs in London which may be moved to overseas in the next 12 months.

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