BBC News - HSBC could relocate 1,000 staff if UK leaves single market

HSBC Canary Wharf

HSBC would move up to 1,000 staff from London to Paris if the UK left the single market, following Britain's vote to leave the EU, the BBC understands.

BBC News reports that the staff who would be relocated would be those who already process payments made in euros for HSBC in Canary Wharf.

Thursday's referendum result means the UK will need to renegotiate its trade relationship with the European Union - including whether it remains part of the single market.

John Cryan, chief executive of Deutsche Bank, said he thought London would lose some of its status as a financial hub.

"The financial centre won't die, but it will get weaker," he told German business newspaper Handelsblatt.

Mr Cryan did not comment on the possible impact of the leave decision on Deutsche Bank, which employs at least 11,000 staff in the UK.

To access the complete BBC News article hit the link below:

HSBC 'to move jobs to Paris if UK leaves single market'

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