HSBC to move jobs to Paris if UK leaves single market
 

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HSBC would move up to 1,000 staff from London to Paris if the UK left the single market, following Britain's vote to leave the EU, the BBC understands.

The staff who would be relocated would be those who already process payments made in euros for HSBC in Canary Wharf.

Thursday's referendum result means the UK will need to renegotiate its trade relationship with the European Union - including whether it remains part of the single market.

HSBC has declined to comment.

If the UK was not in the single market or the European Economic Area (EEA), it would mean the loss of "passporting", which allows banks to operate without restriction in all EEA countries.

The EEA comprises the 28 members of the EU, plus Iceland, Liechtenstein and Norway. EEA rules allow those non-EU countries to be part of the EU's single market, as long as they allow full freedom of movement of people.
Job cuts

There have been warnings that leaving the EU could prompt banks and some other businesses to move jobs out of the UK and into countries that remained part of the bloc.

Leave campaigners have dismissed the concerns, saying Britain should focus on developing trade relationships with non-EU countries.

HSBC already has more than 10,000 staff working in Paris.

The London-based bank has about 48,000 UK workers across its retail and investment banking operations. A year ago, it said it was planning to cut 8,000 jobs in the UK to reduce costs.

Earlier this year, the bank said it would keep its global headquarters in London, following a review.

Yesterday sources told the BBC that up to 2,000 jobs at the US investment bank Morgan Stanley could be moved from London to Dublin or Frankfurt.

BBC News

I reckon Dublin's going to do quite well out of all of this. Edinburgh / Glasgow could too if we pull our finger out :flutter:. As unlikely as I think that is...

Shame it's people who probably voted in are going to have to relocate or lose their jobs

I saw on Sky News aswell that the steel industry that was in trouble had a potential buyer,but now we have come out of the EU they don't think they can go through with it,so it looks like that will go too.

Yes the UK is doomed. So much for being proud and British eh?

HSBC are awful anyway, their online banking is like solving a rubiks cube

65 plus million in the UK and 1000 jobs relocated so they can make more profit and it's the end of the world apparently. :shrug:

Really I've been with them for years and have no issues with online banking

Seriously Johnny! Even you can't deny 1000 jobs in one hit is a big loss to the economy

My Bank too Cherie and I personally cannot say I have had any problems whatsoever.

I think any changes to and losses of jobs as to this issue,is very sad indeed.

They're not going to be the last company to relocate though.

No one is posting anger at HSBC. I find that hilarious. No one is losing their job. They have the option of moving.

It's the knock on effect to the surrounding area as well..sandwich shops..restaurants..bars ..taxis

Let them all go. Who cares. If they don't want to be here they should go. Other companies can then move in.

I literally can't work their system out at all I just want to send a balance transfer and it's so complicated haha

As one door closes

...

[QUOTE=Johnnyuk123;8758586]No one is posting anger at HSBC. I find that hilarious. No one is losing their job. They have the option of moving.[/QUOT

Is that not loss to revenue? What about families?

A normal person would say.. another one opens. But not in here apparently.:joker:

[QUOTE=Cherie;8758601]Companies move around all the time and long before the leave vote won. So who do we blame for all those who lost their jobs long before the referendum result came in?

The point really is if businesses and Banks like this start moving out of Britain, other investors and companies are more likely to wonder why, and then just for safety's sake go to another EU Nation, in the single market, in mainland Europe.

The leave side likely won't consider that a possibility I doubt however.

[QUOTE=Johnnyuk123;8758608]This is as a direct result of Brexit though so we know exactly who to blame

There is a menu in the left hand side ...payments and transfers :laugh:

You obviously are still bitter about the EU result because the UK voted to leave the EU which clearly went against your own view. I understand that, but You are supposed to be working for the UK people and they made their judgement on the EU in/out issue and now you are supposed to accept what the public want yet you continue to tell the majority that they are wrong? Are you for democracy or not? Because if you are then you should accept the will of the UK people and shut up.

48% of 33,500,000 said the decision was wrong,not just me.
I will also shut up when 'I' want to not when anyone else rudely tells me to.

Anyway go annoy someone else,I have nothing whatsoever at all to say to you.