Wednesday, January 18, 2017

Brexit : HSBC délocalisera 1,000 jobs in Paris – The

The Brexit is one of the hot topics that are at the heart of the concerns of the great of this world gathered at the World Economic Forum (WEF) in the swiss ski resort upscale resort of Davos. The major banks in the City have had to turn to the idea of losing the “european passport” that gives access to the single market in the perspective, confirmed on Tuesday by Theresa May of a “hard Brexit”. The director general of the british bank HSBC, Stuart Gulliver, is particularly concerned and indicated Wednesday it clear that a choice has to be made for his company : a relocation of some jobs from the Uk to France, because of its historical presence and of the necessary amenities.

” The activities specifically covered by eu legislation will move, and this represents 20% of our turnover “, he said during an interview with Bloomberg TV, stating that it is the activities of markets and investment banking carried out in London.

[Crossing on the France in the 3rd minute of the interview to Bloomberg TV]

Stuart Gulliver said that the activities on the foreign exchange markets, bonds and shares should not be affected. And he confirmed the estimate in terms of jobs concerned that he had mentioned a few months ago :

” I have said publicly, there’s a moment already, that there would be a thousand jobs that are covered by the european legislation and which, in the context of access to the single market, should probably go to France in our case. [...]

We bought Credit Commercial de France (CCF) in 2002, so we have a universal bank full year in France. So, for us, it’s France. “

He added that there were ” no need for us to do so in the immediate future “.

HSBC France employs around 9,500 employees, mainly at its headquarters in avenue des Champs-Elysées and La Défense, and has generated 2.2 billion euros of net banking income in 2015. The first european bank has all the licenses necessary for such a move : it would be enough for him to create a holding company in France, which does not take more than a few months. At the moment it is the only large bank located in the United Kingdom has chosen France in the post-Brexit. The major us banks, Citigroup, JPMorgan, evaluate their options, but have their eyes glued on Dublin.

The banking giant a significant presence in Asia does not intend to move its world headquarters, which is located in London.

Asked about the possibility of a victory of Marine Le Pen in the presidential election in France, he replied : “we would respond to this question only if this happened “, but the bank would “completely positive ” victory of François Fillon, or to Emmanuel Macron.


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