RE: HSBA29 Aug 2019 18:44
DenFos
Brexit
In preparation for Brexit, HSBC announced that it will be facing as much as $300 million in legal and relocation fees as it plans to relocate 1,000 staff members from London to Paris. In the second quarter of 2017, the bank had $4 million in charges for "costs associated with the U.K.'s exit from the EU. HSBC plans to move roughly one-fifth of its London-based investment bankers to its Paris offices in order to maintain a continuous access point to the European Union's single market. While its headquarters will remain in London, the staff movement is expected to avoid a loss of $1 billion of revenue after Brexit.
https://en.wikipedia.org/wiki/HSBC