Wednesday, January 18, 2017

Fear of Brexit: UBS and HSBC: large banks have thousands of employees … – FOCUS Online

fear of Brexit: UBS and HSBC: big banks do not want to thousands of employees from London to pull off

Thursday, 19.01.2017, 02:11

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The large banks, UBS and HSBC have announced that they will be able to move thousands of Jobs from London to other locations in the EU. You want to make sure that they can offer their financial products even after a Brexit in the internal market.

About 20 percent of the trading business will likely shift to Paris, said HSBC chief Stuart Gulliver the news channel Bloomberg TV on Wednesday at the world economic forum in Davos.

Also, UBS Chairman Axel Weber, announced that it plans to move about 1,000 Jobs to alternative locations, should the UK not have access to the single market. Still, it is important to be seen, what come in the case of a Brexit Deal, but you have to plan for all cases. “We have done it mostly already,” said Weber of the BBC on Wednesday.

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Also in the case of HSBC, the move does not happen overnight. The British money home ownerships in France, the commercial Bank, CCF, and could therefore be quite slow, said Gulliver. Other competitors, who have no daughters on the continent, would have to act faster.

the Prime Minister Theresa May had said the day before, in a keynote speech to the Brexit, the UK will leave the EU internal market. May want to include instead, a comprehensive free trade agreement with the EU. Also, the customs Union in its previous Form no longer wants to be part of the UK.

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