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By Sheetal Sukhija | Tuesday October 31, 2017
HSBC to wait till Brexit deal before moving jobs out of U.K.
Britain’s biggest bank, HSBC has assured authorities that it would wait as long as possible before moving jobs out of U.K. The bank’s chief executive has said that the bank will wait as long as possible before shifting jobs out of London as a result of Brexit. However, the bank has warned that continued uncertainty could curtail foreign investment in the U.K. According to Stuart Gulliver, a transition arrangement, which industry groups have said needs to be in place by the end of the year, needed to contain clarity about the U.K.’s future relationship with the remaining 27 members of the EU to reassure overseas investors. Gulliver was quoted as saying, “What [we’re] really keen to have is clarity. A transition with clarity would start investment again.” The bank reported a 41 percent rise in profits in the first nine months of the year. Announcing the results, Gulliver said HSBC would wait as long as possible before moving jobs to its Paris operations. Last year, in the run-up to the June EU referendum, Gulliver had stated that 1,000 U.K.-based investment banking roles could move to France in the event of a vote to leave...Read More