‘London is number one!’ HSBC boss laughs off Macron’s attempt to swipe City jobs

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‘London is number one!’ HSBC boss laughs off Macron’s attempt to swipe City jobs

‘London is number one!’ HSBC boss laughs off Macron’s attempt to swipe City jobs
HSBC Group Finance Director Iain Mackay lauded London as “the foremost financial centre of the world”, dismissing notions that HSBC will move it’s main operations to France following Brexit.
By Milly Vincent
PUBLISHED: 07:10, Tue, Aug 1, 2017 | UPDATED: 07:15, Tue, Aug 1, 2017

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Mackay told Bloomberg that of the 42,000 Brits employed by the HSBC group only a very small proportion may be moved as an obligatory transition into a “post Brexit world”.

“For us the transition represents no more than the movement of up to 1000 employees from our UK banking operations.”

Mackay explains this movement of employees as a “transition of activities that may need to transition to the European supervisory framework”.

He reiterates that HSBC’s view remains that “London will continue to be an important financial centre in a post-Brexit world.”

Brexit news – HSBC bank results videoHSBC/Getty
The HSBC bank boss said the London would continue as a financial hub

Mackay ridicules the notion of HSBC’s move to Frankfurt stating that it would be “very odd” for them to consider any country other than France for its post-Brexit operations.

Boris Collardi CEO of the Julius Baer Group suggested Luxembourg and Frankfurt as new financial hubs last week, pushing London to the third most important location following the EU divorce.

He said his company was “ahead of the market” as he suggested London’s days as a significant financial hub in Europe was over.

This comes after Economist Chris Roebuck said that London had superior infrastructure and location compared to its European rivals.

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“It’s about how long it takes you to build up a critical infrastructure, a critical mass of the expertise within the financial side and the supporting professional services.

Gerard Mestrallet, who chairs Paris Europlace, a group promoting Paris as Europe’s leading financial hub, claimed firms will decide over the next 12 months if they are to ditch London as their main place of business in Europe.

The Frenchman, said HSBC is not the only major company planning on moving to Paris in event of a ‘hard Brexit”. With the country ready to snatch as many as “۲۰,۰۰۰” jobs from Britain after it leaves the EU.

Mackay dismissing these claims, strongly maintaining that the HSBC group will continue with London as a financial hub and reassuring that HSBC has no plans to leave. “We at HSBC see it as our role to lead in that regard.”
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