British banking group HSBC has said that it might shift less than the previously announced 1,000 jobs out of London in response to Brexit.
“It may be less than 1,000 employees, but it’s up to 1,000,” the bank’s finance director Iain Mackay told reporters.
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The bank previous contingency strategy on Brexit included plans to transfer 1,000 jobs from London to Paris.
Mackay also stated that the bank booked $12m in the third quarter, mostly in legal advice on Brexit contingency planning, and plans to spend a total of $200m to $300m on relocation costs due to Brexit.
Couple of days ago, Swiss wealth manager UBS made a similar announcement, saying that its earlier plan of moving 1,000 bankers out of London in response to Brexit is “more and more unlikely”.
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By GlobalData
