The now-enacted will of (some of) the people

[Davkaus]

Hopefully May can pop over and definitely not offer them a deal, but keep them in the country through her charm and persuasion.

[chrisp65]

Just now, Chindie said:

HSBC and UBS already confirming jobs are going.

which is odd, because brexit types on here a couple of months ago assured us that wouldn't happen....as there weren't the spare buildings, infrastructure or expertise in europe 

I thought it was odd at the time. I thought to myself, well I know we won the war, but I'm sure europe could build some office space and I know we had the spitfire, but I'm sure they have broadband in europe, and I know they don't like it up 'em, but surely they have computers?

Ah well. At least we've still got a two nil lead against the hun.

[Amsterdam_Neil_D]

9 minutes ago, Chindie said:

HSBC and UBS already confirming jobs are going.

Holy shit bank crisis,  usually bad sign.

[Risso]

26 minutes ago, Chindie said:

HSBC and UBS already confirming jobs are going.

http://www.parliamentlive.tv/Event/Index/6e48cb18-d260-45b5-a8fb-93a97400da33

No they haven't.  The above Treasury Committee report starts from the premise "what if" and HSBC's Douglas Flint then proceeds to discuss various possibilities.  Nothing confirmed at all.

[Chindie]

2 minutes ago, Risso said:

http://www.parliamentlive.tv/Event/Index/6e48cb18-d260-45b5-a8fb-93a97400da33

No they haven't.  The above Treasury Committee report starts from the premise "what if" and HSBC's Douglas Flint then proceeds to discuss various possibilities.  Nothing confirmed at all.

Quote

Two of the largest investment banks in the City of London have confirmed that some staff will definitely have to move abroad when the UK leaves the EU.

HSBC's chief executive, Stuart Gulliver, told Bloomberg he was preparing to move 1,000 staff from London to Paris.

And Axel Weber, boss of Swiss bank UBS, told the BBC "about 1,000" of its 5,000 London jobs could be hit by Brexit.

The comments underline that many thousands of banking jobs may move.

The statements from the two banks come just a day after UK Prime Minister Theresa May outlined the UK government's Brexit negotiating strategy which would, she said, involve leaving both the European single market and the EU's customs union.

---

Analysis: Simon Jack, BBC business editor

It seems that HSBC wasn't bluffing. The day after Theresa May confirmed the UK will be leaving the single market, HSBC confirmed plans to move 1,000 bankers to Paris.

We always knew how many but today we learned how much business they would take with them from London. Those bankers generate 20% of HSBC's European banking revenue - a number that HSBC wouldn't split out but is in the billions.

Revenue is not the same as profit but the move will dent government tax receipts, as will the loss of income tax from a thousand highly paid investment bankers.

UBS has also previously threatened to move 1,500 bankers, nearly a third of its workforce, to Europe in the event of Brexit. But today the chairman Axel Weber told the BBC he hoped the final number would be lower.

UBS privately acknowledge that whatever happens a significant number of jobs will leave, most probably to Frankfurt, and that process will start soon after the UK triggers Article 50 - the mechanism to leave the EU.

With Britain's exit from the single market confirmed by the Prime Minister, what were once contingency plans are now becoming reality.

---

UK citizens voted in a referendum last June that the country should leave the European Union.

Since then, there has been widespread speculation that many financial jobs based in London might migrate to cities in the rest of Europe, such as Dublin, Paris or Frankfurt, so that the banks concerned could continue to offer their services to EU clients.

Quick decision

Mr Gulliver said his bank was in no rush, but added: "Specifically what will happen is those activities covered specifically by European financial regulation will need to move, looking at our own numbers.

"That's about 20% of the revenue," he told Bloomberg Television at the World Economic Forum in Davos, Switzerland.

But he added: "I don't see the foreign exchange market moving, the investment grade bond market moving, the equity market moving and the high-yield bond market moving."

Image copyrightREUTERS Image captionUBS chief executive Sergio Ermotti says some jobs will move whatever Brexit deal is done

HSBC has already said that post-Brexit it would keep its global headquarters in London and its UK headquarters in Birmingham.

And Mr Gulliver explained that HSBC was helped by the fact that it already had a bank established within the EU as it had bought Credit Commercial de France in 2002.

But he said the position for other banks was different.

"Some of our other fellow bankers have to make decisions pretty quickly now - given that the UK said it will come out of the single market - about applying for banking licenses in some of the EU countries. We don't have to do that," he said.

Last week, the chairman of HSBC, Douglas Flint, told a committee of MPs that 1,000 jobs at his bank's London offices would move to France once Brexit was triggered, a point his bank first made in the aftermath of the referendum last June.

'Anticipating the worst'

UBS chief executive Sergio Ermotti told Bloomberg he would have a better idea towards the end of 2017 about how many jobs at his bank will need to move out of London.

But one of his senior executives, Andrea Orcel, also speaking at Davos, said: "With Brexit we will have to [move] and the question is how many.

"That will very much depend on the agreement that the UK will reach with the EU - but we will definitely have to go."

Mr Orcel added that his bank was "anticipating the worst".

He explained that if the UK and the EU did not reach any sort of transition deal about Brexit, then some of his staff in London would have to be moved as soon as the UK government invoked Article 50, the legal procedure to leave the EU.

The Beeb

Forgive me for thinking that when someone says jobs will be moving, that they're going to be moving.

[peterms]

41 minutes ago, Davkaus said:

Well, maybe not in the fourth reich, Fritz, but this is Great Britain. Give us two years, and there'll be free cake for everyone.

I'm going to feed my unicorn on cake.

When can I expect to receive my unicorn, by the way?

[Risso]

It's typical BBC pro-Remain, show Brecit in the worst light possible, bollocks.  Where does Gulliver mention 1,000 jobs that they quote at the start?  He doesn't.  It was Flint last week at the HoC committee, and his response was to a rhetorical question, and he then mentions Dublin and Amsterdam as other possible alternatives, IF the UK doesn't get the agreement it wants.

[Risso]

1 minute ago, peterms said:

I'm going to feed my unicorn on cake.

When can I expect to receive my unicorn, by the way?

When the oil price gets to the level that the SNP thought it would be at?

[peterms]

2 minutes ago, Risso said:

When the oil price gets to the level that the SNP thought it would be at?

Excellent!  I shall start to prepare the stable immediately.

I'll need some bedding.  Do you have many sacks of shredded tax documents you could let me have?

[Amsterdam_Neil_D]

1 minute ago, Risso said:

It's typical BBC pro-Remain, show Brecit in the worst light possible, bollocks.  Where does Gulliver mention 1,000 jobs that they quote at the start?  He doesn't.  It was Flint last week at the HoC committee, and his response was to a rhetorical question, and he then mentions Dublin and Amsterdam as other possible alternatives, IF the UK doesn't get the agreement it wants.

Agreed,  they are so pro-remain it's a bit uncomfortable to watch when they are supposed to be impartial.  If they could play"Here comes the clowns" just before they cut to something about "Leave" they would.  

Shame as i think they have been OK where the US elections have been concerned.  They haven't jumped on everything like a rabid dog anyway and showed some professional restraint at times.

[Davkaus]

16 minutes ago, Risso said:

It's typical BBC pro-Remain, show Brecit in the worst light possible, bollocks.  Where does Gulliver mention 1,000 jobs that they quote at the start?  He doesn't.  It was Flint last week at the HoC committee, and his response was to a rhetorical question, and he then mentions Dublin and Amsterdam as other possible alternatives, IF the UK doesn't get the agreement it wants.

This is the interview they're referencing, which was yesterday.

https://www.bloomberg.com/news/videos/2017-01-17/davos-exclusive-interview-with-hsbc-s-stuart-gulliver  (sorry mods, can't embed the video and there's no text to embed)

Around 1:50 in, he references the 1,000 jobs that in the case of losing single market access will need to leave the UK, probably to go to France". He does, however, refer to there being no rush, presumably because they're confident that 2 years will be long enough, and they can worry about it when it actually happens.

Edited January 18, 2017 by Davkaus

[Amsterdam_Neil_D]

8 minutes ago, Risso said:

10 minutes ago, peterms said:

I'm going to feed my unicorn on cake.

When can I expect to receive my unicorn, by the way?

When the oil price gets to the level that the SNP thought it would be at?

Combined with "Sturgeon" living in number 10.

Personally I think she talks more shit than Trump,  J.C. (Labour Leader) and May combined.  If she truly wanted to "do what's best for Scottish people" it would not be to hold another referendum.  Answers on a postcode on what would be best.

[Chindie]

14 minutes ago, Risso said:

It's typical BBC pro-Remain, show Brecit in the worst light possible, bollocks.  Where does Gulliver mention 1,000 jobs that they quote at the start?  He doesn't.  It was Flint last week at the HoC committee, and his response was to a rhetorical question, and he then mentions Dublin and Amsterdam as other possible alternatives, IF the UK doesn't get the agreement it wants.

As Davkaus says above, he says it the interview with Bloomberg that the BBC are referencing. Second interview video down. He also references concerns about talent in a changing climate for immigration but tries to also downplay it.

I don't really care if its 1000 or 100 ultimately though. Jobs are being lost in the UK due to Brexit. And HSBC are probably one of the financial institutions best placed to handle it.

[Chindie]

Just for fun

[OutByEaster?]

I'm surprised people think the BBC is a "Remain" broadcaster - they're been toeing the party line since Cameron threatened to take the licence fee away and they've got a tongue right up Theresa May's hole.

 

[chrisp65]

The BBC thing is interesting isn't it.

Everytime I watch it, I think Brexit lies and patent bollocks are given an easy ride and not properly held to account. Bitter thick racist pensioners are vox popped and not ridiculed or poked with the stick we used to use to get entertainment out of the mentally deficient. 

I'm guessing this means it's fairly fair?

[blandy]

42 minutes ago, Risso said:

It's typical BBC pro-Remain, show Brecit in the worst light possible, bollocks.  Where does Gulliver mention 1,000 jobs that they quote at the start?  He doesn't.  It was Flint last week at the HoC committee, and his response was to a rhetorical question, and he then mentions Dublin and Amsterdam as other possible alternatives, IF the UK doesn't get the agreement it wants.

Um, not on the BBC? Like, on Bloomberg  In a video interview. also reported here

Quote

Gulliver said around 1,000 bankers in HSBC's investment banking and markets divisions would "probably need, in our case, to go to France." But more concerning is the uncertainty around the future of foreign staff in the UK.

"So the bigger issue, as you say, is about EU nationals, because we have about 2,100 EU nationals working for us in the UK and we have about 1,300 non-EU nationals working for us in the UK under work permits, so the evolution of the work permit immigration policy is of considerable interest because, clearly, we want to be able to get the best possible people," Gulliver said

It's not BBC mischief making. Whether he'll do what he says and all the rest of it, time will tell, but saying it's not true or it's the BBC being naughty isn't correct.

[StefanAVFC]

The BBC is criticised by both sides for being too x.

For me that shows they have it right.

[Chindie]

The BBC is one of those things that were if people whinge about it, it's probably doing its job properly.

Off topic anywho.

Brexit. It's a load of shitty bollocks.

[StefanAVFC]

Gross.