The banking giant will pay $300,000 for each job it moves to Paris, for a total of $300m in relocation and legal fees.
Editor’s Remarks: HSBC is looking to relocate 1000 staff to Paris in light of the UK’s departure from the EU. The lender could lose up to $1bn in revenues post-Brexit, something it is looking to avoid by relocating part of its business to Paris. Theresa May’s “no deal is better than a bad deal” approach could have dramatic consequences for the UK’s financial sector if the country does, indeed, leave the bloc without a deal. And more than a year after the vote, with little progress made in negotiations, such announcements are set to become more and more common. Big banks, as well as other companies in different sectors, have been setting funds aside in anticipation of the need to relocate in other EU hubs. So far, in the financial industry, the main beneficiaries have been Frankfurt and Dublin, with banks both relocating existing staff and hiring new people.