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Scarlett. · 25-06-2016, 09:40 PM

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

user104658 · 25-06-2016, 09:58 PM

I reckon Dublin's going to do quite well out of all of this. Edinburgh / Glasgow could too if we pull our finger out

. As unlikely as I think that is...

Cherie · 25-06-2016, 10:02 PM

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

Kazanne · 25-06-2016, 10:02 PM

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.

Johnnyuk123 · 25-06-2016, 10:07 PM

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

Amy Jade · 25-06-2016, 10:08 PM

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

Cherie · 25-06-2016, 10:10 PM

Quote:

Originally Posted by Amy Jade

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

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

joeysteele · 25-06-2016, 10:12 PM

Quote:

Originally Posted by Cherie

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

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.

Amy Jade · 25-06-2016, 10:15 PM

Quote:

Originally Posted by Cherie

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

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

Cherie · 25-06-2016, 10:24 PM

Quote:

Originally Posted by Amy Jade

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

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

Johnnyuk123 · 25-06-2016, 10:10 PM

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.

Cherie · 25-06-2016, 10:12 PM

Quote:

Originally Posted by Johnnyuk123

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.

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

Johnnyuk123 · 25-06-2016, 10:13 PM

Quote:

Originally Posted by Cherie

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

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

Cherie · 25-06-2016, 10:16 PM

[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?

Johnnyuk123 · 25-06-2016, 10:18 PM

[QUOTE=Cherie;8758601]

Quote:

Originally Posted by Johnnyuk123

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?

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?

jaxie · 26-06-2016, 01:05 AM

[QUOTE=Cherie;8758601]

Quote:

Originally Posted by Johnnyuk123

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?

There have also been cases where the EU funded a company's movement out of the UK to another country in the past. Job's were lost there too.

bots · 25-06-2016, 11:12 PM

Quote:

Originally Posted by Johnnyuk123

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

Its a legal requirement that hsbc can't handle the euro if the uk are not part of an agreement to do so, which they obtained through membership of the EU, so hsbc will be moving that department to a country where they can. The same will apply to all other banks that handle that aspect in the uk.

It seems to me that the brexit voters didn't give a crap about consequences, because they were fed crap like experts don't know anything.