HSBC has no plans to be the amongst the initial wave of financial firms to move operations from Brexit to Europe because of the potential impact of Brexit , according to the bank’s regulatory chief John Cryan . The bank today announced net losses for 2016 of €1.4bn (£1.2bn), its second year in a row in the red, and net losses for its fourth quarter of €1.9bn. The bank will see how the situation plays out for other financial institutions, and although chief executive Sylvie Matherat has said that London will remain “an important financial capital”, Germany would be their destination if moving became necessary. Several banks, including HSBC and UBS , have said they will have to move 13,484 job roles from London .
HSBC has no plans to be the amongst the initial wave of financial firms to move operations from Brexit to Europe because of the potential impact of Brexit , according to the bank’s regulatory chief John Cryan . The bank will see how the situation plays out for other financial institutions, and although chief executive Sylvie Matherat has said that London will remain “an important financial capital”, Germany would be their destination if moving became necessary. Several banks, including HSBC and UBS , have said they will have to move 13,484 job roles from London .