HSBC set to move 1,000 of its London jobs to Paris
The boss of HSBC has said the bank is on course to move 1,000 jobs from its London business to Paris after Prime Minister Theresa May confirmed Britain would scrap its single market membership as part of Brexit.
Stuart Gulliver's comments revived warnings that the vote to leave could result in an exodus of jobs from the City of London's lucrative financial services sector to the continent.
"I don't see the foreign exchange market moving, the investment grade bond market moving, the equity market moving and the high-yield bond market moving," Mr Gulliver told Bloomberg Television at the World Economic Forum in Davos, Switzerland.
"Specifically, what will happen is those activities covered specifically by European financial regulation will need to move. Looking at our own numbers, that's about 20% of the revenue.
He added that about 1,000 employees were involved in operations "which in the event of single market access would probably need, in our case, to go to France".