HSBC CEO says activities generating 20% of London revenue may move
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HSBC Holdings Plc chief executive officer Stuart Gulliver said trading operations that generate about 20 per cent of revenue for the lender's investment bank in London may move to Paris, quantifying some of the aftershocks for the UK after Brexit.
"Activities specifically covered by EU legislation will move, and looking at our own numbers, that's about 20 per cent of revenue," Mr Gulliver said in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland, with John Micklethwait. The bank confirmed that he was referring to the lender's global banking and markets operations in the UK capital.
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