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HSBC CEO says to move staff with aim of 20 pct of trading revenue in Paris
January 18, 2017 / 8:16 AM / a year ago

HSBC CEO says to move staff with aim of 20 pct of trading revenue in Paris

Jan 18 (Reuters) - HSBC will move staff generating around 20 percent of its trading revenue to Paris following Britain’s exit from the European Union, Chief Executive Stuart Gulliver said on Wednesday in an interview on the sidelines of the annual meeting of the World Economic Forum in Davos, Switzerland.

“We’re not moving this year and maybe not even next year,” Gulliver said, adding that the bank would likely look to move the staff in around two years’ time when Britain has fully left the EU.

HSBC has all the licences 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.

Reporting by Pamela Barbaglia in Davos, writing by Lawrence White; editing by Jason Neely

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