HSBC could relocate 1000 London jobs to Paris as a result of last week’s EU referendum triggering a UK exit from the European Union – by a thin margin.
The BBC is reporting that those in the company processing payments made in euros would be likely for the axe. In the short term, uncertainty about the UK’s economic future, a current lack of a prime minister and how the EU market will respond to Brexit, remains to be seen, but a number of banks are reportedly looking elsewhere already.
The UK’s planned exit from the EU would see the government tasked with renegotiating access to the European Economic Area (EEA) or the single market. However, many international banks use London as the passport to this market and London's absence from it could make it less attractive as a financial hub.
For entry into the EEA , freedom of movement for Europeans is required, a caveat the Leave campaign may be reluctant to sign up to after immigration featured front and centre of its referendum push.
HSBC declined to comment on the report to BBC News, it does however boast 10,000 staff in Paris and could come to favour it given London’s new uncertainty.