HSBC to move staff to Paris

The Star Early Edition - - BUSINESS REPORT -

HSBC WOULD move staff gen­er­at­ing about 20 per­cent of its trad­ing rev­enue to Paris fol­low­ing Bri­tain’s exit from the EU, chief ex­ec­u­tive Stuart Gul­liver said yesterday in an in­ter­view on the side­lines of the an­nual meet­ing of the World Eco­nomic Fo­rum in Davos. “We’re not mov­ing this year and maybe not even next year,” Gul­liver said, adding that the bank would prob­a­bly look to move the staff in about two years’ time when Bri­tain had fully left the EU. HSBC had all the li­cences it needed for such a move, Gul­liver said, and would only be re­quired to set up a so-called in­ter­me­di­ate hold­ing com­pany in France, a move that should take only a mat­ter of months. – Reuters

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