Brexit - HSBC will move
HSBC will move staff responsible for generating around a fifth of its UK-based trading revenue to Paris following Britain's exit from the European Union, Chief Executive Stuart Gulliver said in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos, yesterday. "We're not moving this year and maybe not even next year." "We will move in about two years time when Brexit becomes effective," Gulliver added. The bank has all the licenses it needs for such a move, Gulliver said, and would only need to set up a so-called intermediate holding company in France, a move that should take only a matter of months. Gulliver has been among the more outspoken global CEO about the impact of the Brexit vote, saying in the immediate aftermath of the referendum last June that the bank could move around 1,000 roles to Paris.