Bank warns of Brexit jobs risk

HSBC HQ in Canary Wharf. Pic: Barry Caruth

HSBC HQ in Canary Wharf. Pic: Barry Caruth

HSBC is urging Britain to remain in the EU with a warning that 1,000 jobs could be moved from London to Paris if it were to leave.

Speaking to Sky News, Stuart Gulliver, HSBC’s chief executive, said: “We have 5,000 people in global banking and markets in London and I could imagine that around 20 per cent of those would move to Paris.”

These claims were made just a day after the firm announced its plans to remain in Canary Wharf following a 10-month review that proposed to move the firm’s headquarters to Hong Kong.

If the headquarters had moved more than 40,000 employees, who are employed at the London branch, they would either have lost their jobs or had to consider moving with the firm.

HSBC isn’t the only Canary Wharf based bank that is worried about the Brexit: Goldman Sachs has donated a significant sum of money to a pro-EU campaign and JP Morgan Chase has spoken out about the significance of EU membership for banks.

Will Straw, executive director of the Britain Stronger in Europe Campaign, said: “HSBC is a major employer in the UK, employing thousands of people in London alone. Today they have made clear that it is better for Britain to stay in a reformed Europe.

“HSBC Chairman, Douglas Flint, was unequivocal that if Britain left Europe then jobs in the UK could be put at risk.”

The announcement from HSBC to remain in the Britain but with terms comes just days before David Cameron heads to Brussels discuss his plans for reform in the EU.

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