HSBC to spend $300 million in Brexit relocation costs
Oct 30, 2017 Business 4869 By Abdul
- HSBC to spend $300 million in Brexit relocation costs.
- Aiming to move around 1000 jobs to Paris.
- Already spend $12 million in consultation and legal fees in preparation for Brexit.
HSBC Banking group has disclosed that it is aiming to spend close to $300 million as it relocates nearly a thousand jobs to Paris in the wake of Britain's potential exit from the European Union.
The bank's finance director Iain Mackay said this on Monday in London.
"It may be less than 1000 employees, but it's up to 1000," Mackay told reporters on a conference call.
Previous comments from senior HSBC executives had suggested that the number of jobs to move would be 1000.
Mackay also disclosed that the company has already spent around $12 million in consultations and receiving legal advice regarding the consequences of Brexit for their business.