Crisis in the City: 70,000 banking jobs at risk after Brexit vote as HSBC is ‘already planning to move 1,000 workers from London to Paris’

Sunday, June 26, 2016
By Paul Martin

HSBC will move employees to Paris if the UK quits the single market
British-based banks are keen to retain the right to operate across the EU
But it may be hard to strike a comprehensive trade deal without accepting European immigration
Insiders say that up to 70,000 jobs could leave Britain within the next year

26 June 2016

Thousands of banking jobs are set to be lost from the City after the vote for Britain to leave the EU, it was claimed today.

HSBC has reportedly begun plans to move 1,000 of its employees from London to Paris because of concerns over the prospect of losing access to the European single market.

City sources have predicted that as many as 70,000 financial jobs could be moved out of Britain in the next year, after the referendum result sparked immediate market turmoil.

One finance consultant told a leading careers website: ‘You’re looking at 50,000 to 70,000 London finance jobs being moved overseas in the next 12 months.

‘Jobs are going to be cut, and those cuts are going to start next week.’

If the UK does not strike a deal to trade freely with the remaining EU countries, HSBC will reduce its London operations and boost the size of its French office, according to the BBC.

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