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HSBC could 'gradually move' from London
   2017-01-20 13:32:40    CRIENGLISH.com      Web Editor: Fei Fei

The building of the Headquarters of HSBC bank in Canary Wharf in London [Photo: Imagine China]

By Rupert Reid for sino.uk

The Chief Executive of HSBC has revealed that at least 1,000 staff will move to France from London.
 
That's according to Bloomberg, who have published an interview with Stuart Gulliver in which he raised fears that around 20 percent of banking jobs in London will move abroad.

HSBC stands for Hong Kong and Shanghai Banking Corporation - but the bank that we know by the HSBC name is actually based in London's Canary Wharf.

In the interview, Mr Gulliver stopped-short of suggesting a total exodus from London, but instead implied that the bank would take its time and not make hasty decisions.

Whilst HSBC, with its distinctive headquarters, will probably therefore remain a familiar sight on London's skyline for a while, it is a vanishing sight on the UK's High Streets.

The scale of HSBC's branch closures over the last two years has been astounding - with an average closure rate of four per week, and no sign of slowing down.

Officially, this is because more and more people are banking online. This might technically be true but it doesn't necessarily mean that fewer people are going to bank branches.

The reality of the situation is that branches are expensive to keep open, and banks like HSBC are unlikely to lose much business by shutting the quieter ones.

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