HSBC boss Stuart Gulliver says Brexit move could cost up to $300m

Caitlin Morrison
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Stuart Gulliver, HSBC Group CEO speaks t
Stuart Gulliver previously said the Paris move will take place when Brexit does (Source: Getty)

HSBC chief executive Stuart Gulliver said today that planned job and operation moves after Britain leaves the EU could cost the bank up to $300m (£229m).

The company is planning to move 1,000 jobs to from London to Paris. "The $200-$300m total is the cost of the transition to France," Gulliver said.

He made the remarks on a conference call after the bank reported an increase in first half profit and announced $2bn share buyback programme. Shares in the company rose by more than three per cent after the figures were unveiled, as investors and analysts welcomed the news of an extended share buyback.

HSBC said up to $1bn in revenue could be at risk from Britain's exit from the EU but it should be able to preserve the income by shifting associated jobs to Paris. In January, Gulliver said: "We will move in about two years time when Brexit becomes effective."

Meanwhile, HSBC chairman Douglas Flint said a meeting he attended between Brexit minister David Davis and British company executives this month showed signs of an improved relationship between the government and business over Brexit.

"The meeting was evidence of that, it was a well-designed meeting with the right people in the room, and each side interested in understanding each other," Flint told Reuters.

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