HSBC reported it was on track to transfer business to Paris ahead of Brexit yesterday, but warned that time was running out to avoid disruption for its customers.
According to the bank, more than 1,000 of its employees were working on its programme to manage the impact of Brexit, which includes those working in the new branches of HSBC France.
However, despite its preparation efforts, the bank said risks remained due to the uncertain outcome of negotiations, while it could be cutting it fine in relation to the implementation of its new operating models.
HSBC posted a 16 per cent annual profit increase for 2018 yesterday, though it fell short of expectations as market volatility and an end-of-year slowdown of China’s economy impacted revenue at the bank.
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