HSBC CEO says activities generating 20% of London revenue may move
London
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say