British Banks?

le_loup

Anthorn wrote: »

Probably the other way around ROFL:

Perhaps you don't understand the difference between the headquarters and 1000 staff. That's OK, this is a website that teaches people. Now you know as much as the rest of us.
Isn't knowledge a good thing?

Thrugelmir

Nick_C wrote: »

HSBC is not planning to relocate away from the UK.

They considered moving the holding company to the Far East last year, and after a review made a decision to stay in the UK.

The UK subsidiary is being relocated to Birmingham.

EU business - about 1000 jobs - will probably move to Paris.

Watch Gulliver's interview with Bloomberg. He made it all very clear.

Being headquartered in London and paying Corporation Tax to the UK, and employing roughly 40,000 people in the UK, I would say HSBC is a company to support.

When it's unrelated to Brexit the media has no interest. Today's news.

HSBC is to axe 4,000 jobs in Britain and switch them to Asia, it announced yesterday.
The self-styled "world's local bank" will transfer the jobs to India, Malaysia and China over the next two and a half years.
Around 1,400 of the jobs will be lost in HSBC call centres.
Most of the remaining cuts will be in administration.

Profitability of the major banks is under pressure. Be under no illusion that commercial interests come before social concerns for employees.

http://www.dailymail.co.uk/news/article-200069/4-000-HSBC-staff-face-axe.html

bigadaj

le_loup wrote: »

Perhaps you don't understand the difference between the headquarters and 1000 staff. That's OK, this is a website that teaches people. Now you know as much as the rest of us.
Isn't knowledge a good thing?

Not familiar with anthorns posting history then.

bigadaj

colsten wrote: »

As this is your answer to which British car you'd buy, I can only conclude you are expecting that we are annexing India in the near future :rotfl:

Think you've missed the analogy.......

gt94sss2

Thrugelmir wrote: »

When it's unrelated to Brexit the media has no interest. Today's news.

Profitability of the major banks is under pressure. Be under no illusion that commercial interests come before social concerns for employees.

http://www.dailymail.co.uk/news/article-200069/4-000-HSBC-staff-face-axe.html

If you are going to say something is todays news, please ensure it is.

The Daily Mail article says:

HSBC, which has 55,000 staff in the UK, will shed 1,500 in 2004, a further 2,000 in 2005 and the final 500 in 2006.

so your article is at least 13 years old - not today's news at all.. which is why the media has no interest in it!!!!

System

dunstonh wrote: »

The EU does not suffer by not giving Switzerland passporting rights. It does not need to match any deal the UK gets. London handles the bulk of the financing in the EU. Any move away from London will increase the costs of financing and create potential liquidity issues and stability issues. It is too early to call any outcome. At this point in time, both extremes are possible.

Not true in the case of finance.

You must be reading something different as there is nothing in the article that matches what you are saying.

It's quite clear that passporting rights aren't on offer outside the single market. Politically, the EU couldn't withold them from the Swiss - with their partial single market membership v. England's WTO 3rd country status.

Also, once England leaves the EU, chunks of London's current trade will naturally go to Frankfurt, Paris, Dublin etc. It will no longer have the benefit of the ECJ to protect it.

I can't really comment on a Reuters article that I've neither quoted from nor read!

gt94sss2

Heng_Leng wrote: »

It's quite clear that passporting rights aren't on offer outside the single market. Politically, the EU couldn't withold them from the Swiss - with their partial single market membership v. England's WTO 3rd country status.

Also, once England leaves the EU, chunks of London's current trade will naturally go to Frankfurt, Paris, Dublin etc. It will no longer have the benefit of the ECJ to protect it.

It might be clear to you - but its not to me.

London as a financial centre is too important for the EU for them not to offer some sort of passporting rights in any eventual deal.

The advantages London offers as a financial centre and the economies of scale can't be replicated as easily as you seem to suggest in Frankfurt, Paris, Dublin etc.

The EU's chief negotiator has effectively said so himself.

Anthorn

le_loup wrote: »

Perhaps you don't understand the difference between the headquarters and 1000 staff. That's OK, this is a website that teaches people. Now you know as much as the rest of us.
Isn't knowledge a good thing?

I understand that mainly because I actually ready the article I linked to and others. Why don't you read that article? HSBC already has a subsidiary in Paris which already has the licences required to operated in the EU. What in fact HSBC is going to do is transform those subsidiaries into its head office ... in Paris. That's in France which in turn is in the E.U. in case you don't know. It doesn't really matter whether that head office is investment banking or retail banking or whatever or whether it's 1,000 or 50,000 British workers destined to be dumped and lose their jobs or whatever. When it leaves the U.K. it's not British and therefore HSBC is not British!

Nick_C

Anthorn wrote: »

I understand that mainly because I actually ready the article I linked to and others. Why don't you read that article? HSBC already has a subsidiary in Paris which already has the licences required to operated in the EU. What in fact HSBC is going to do is transform those subsidiaries into its head office ... in Paris.

You may have read the article that you linked to, but you don't appear to have understood it! To quote

"HSBC, Europe's biggest bank, is at an advantage to its major U.S. rivals as it already has a large subsidiary in Paris that holds most of the licenses needed by an investment bank, meaning that Gulliver has been able to set out more detailed plans.

It is expected to move about 1,000 staff involved in trading products, such as European stocks, that are regulated by the EU. HSBC's global banking and markets division, which houses those roles, made a $384 million profit in the UK in 2015, a company filing showed."

No reference to HSBC moving its Head Office. Some jobs (about 1000) and functions may be moving to HSBC France. HSBC corporate HQ will remain in London.

dunstonh

What in fact HSBC is going to do is transform those subsidiaries into its head office ... in Paris.

Where exactly in the article does it say that? Clue: it doesnt.