HSBC to move fewer than 1000 jobs to Paris after Brexit

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The Finance Director of HSBC, Iain Mackay, has stated that the bank may move less than 1000 jobs to Paris following Brexit.

According to reporters, Mackay stated ‘It may be less than 1000 employees, but it’s up to 1000’. HSBC’s investment bank in London currently employs approximiately around 5000 people.

Mackay also disclosed that HSBC had booked USD $12 million in costs for the third quarter due to Brexit. This was mostly spent on legal advice with regards to contingency planning. He then went on to say that the bank expects USD $200-300 million to be spent in total on Brexit relocation costs.

In addition, UBS has stated that it is highly unlikely to relocate up to 1,000 jobs away from London after Brexit. Sergio Ermotti, the Swiss bank’s chief executive, has stated that UBS already has the necessary licences in its EU bank in Frankfurt in order to continue doing business after the UK leaves the EU.