Banks relocating to EU?

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Scarlet Pimpernel

Scarlet Pimpernel

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"After Brexit, HSBC decided to establish its headquarters for continental Europe in France. HSBC France therefore becomes HSBC Continental Europe. This is good news for our country.

Jean Beunardeau
Managing Director HSBC Continental Europe"​
 
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Bank of America is moving part of its markets business to Paris and part of its banking business to Dublin.

Barclays' main post-Brexit hub will be Dublin. It will have subsidiary offices in Frankfurt and Paris.
Barclays has already moved £160bn of assets to Dublin and is now the biggest bank in Ireland.

Blackrock is making Amsterdam its EU hub, but it will also have a hub for alternative investments (hedge funds and private equity) in Paris.

Citigroup global markets has moved offices to Paris and Frankfurt

Credit Suisse plans to move its EU-focused investment bankers to Frankfurt post-Brexit, and its salespeople and traders to Madrid.

Goldman Sachs is moving its investment banking and markets businesses to Frankfurt and Paris after Brexit. It's moving its asset management business to Dublin.

Morgan Stanley is moving its investment banking and markets business to Frankfurt after Brexit. It's moving its asset management business to Dublin.

Nomura's main hub after Brexit will be Paris.

RBS's European hub will be in Amsterdam.

Standard Chartered's main European hub after Brexit will be in Frankfurt.

UBS's main post-Brexit hub will be Frankfurt

Wells Fargo is moving its investment and markets business to Paris and its asset management business to Luxembourg.

SocGen's post-Brexit EU activities will be in Paris

Deutsche Bank said in September it would move assets from London to Frankfurt after Brexit

Settlement bank Euroclear is opening a new unit in Ireland

Japan's Mizuho Financial Group 8411.T said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union

Japan's Mitsubishi UFJ Financial Group Inc 8306.T has picked Amsterdam as its EU investment banking base and is considering opening a branch in Paris.

Nomura Holdings Inc 8604.T is applying for a licence to operate a new entity in Frankfurt.

Asset management company Northern Trust has said it will set up an EU banking base in Luxembourg.

Sumitomo Mitsui Financial Group Inc 8316.T said its core banking unit, Sumitomo Mitsui Banking Corp has decided to set up a subsidiary in Frankfurt.
 
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Bobby Dazzler said:
"After Brexit, HSBC decided to establish its headquarters for continental Europe in France. HSBC France therefore becomes HSBC Continental Europe. This is good news for our country.

Jean Beunardeau
Managing Director HSBC Continental Europe"​
Click to expand...

Not really, it's true that many financial institutions have had to set up EU hubs, but the same is true for EU institutions. HSBC's global headquarters remains in London. HSBC Frances retail banking operation is up for sale.
 
EddieM said:
Not really, it's true that many financial institutions have had to set up EU hubs, but the same is true for EU institutions. HSBC's global headquarters remains in London. .
Click to expand...
For now, but the EU centre has moved to France.
 
ellal said:
Bank of America is moving part of its markets business to Paris and part of its banking business to Dublin.

Barclays' main post-Brexit hub will be Dublin. It will have subsidiary offices in Frankfurt and Paris.
Barclays has already moved £160bn of assets to Dublin and is now the biggest bank in Ireland.

Blackrock is making Amsterdam its EU hub, but it will also have a hub for alternative investments (hedge funds and private equity) in Paris.

Citigroup global markets has moved offices to Paris and Frankfurt

Credit Suisse plans to move its EU-focused investment bankers to Frankfurt post-Brexit, and its salespeople and traders to Madrid.

Goldman Sachs is moving its investment banking and markets businesses to Frankfurt and Paris after Brexit. It's moving its asset management business to Dublin.

Morgan Stanley is moving its investment banking and markets business to Frankfurt after Brexit. It's moving its asset management business to Dublin.

Nomura's main hub after Brexit will be Paris.

RBS's European hub will be in Amsterdam.

Standard Chartered's main European hub after Brexit will be in Frankfurt.

UBS's main post-Brexit hub will be Frankfurt

Wells Fargo is moving its investment and markets business to Paris and its asset management business to Luxembourg.

SocGen's post-Brexit EU activities will be in Paris

Deutsche Bank said in September it would move assets from London to Frankfurt after Brexit

Settlement bank Euroclear is opening a new unit in Ireland

Japan's Mizuho Financial Group 8411.T said it would set up a subsidiary in Frankfurt, the latest Japanese bank to choose the German city as its new base in the European Union

Japan's Mitsubishi UFJ Financial Group Inc 8306.T has picked Amsterdam as its EU investment banking base and is considering opening a branch in Paris.

Nomura Holdings Inc 8604.T is applying for a licence to operate a new entity in Frankfurt.

Asset management company Northern Trust has said it will set up an EU banking base in Luxembourg.

Sumitomo Mitsui Financial Group Inc 8316.T said its core banking unit, Sumitomo Mitsui Banking Corp has decided to set up a subsidiary in Frankfurt.
Click to expand...
There is a benefit for UK citizens!
Cost of London property will plummet.
 
Good! sooner they all pack up and foff the sooner we can start re-evaluating London for the sh!t hole it really is and every other part of the country can get back closer to some sort of parity.
 
HSBC is a British bank, so it won't be rushing to the EU.
But naturally, the overseas banks will no longer need need a hub in London.
Not really news though as this was made clear before the Brexit vote, it was always going to happen.
Some "project fear" from 2015: https://www.standard.co.uk/news/lon...s-of-100000-bank-jobs-says-city-a3124661.html

"More than 250 foreign banks are based in London and they contribute about half the tax paid by the financial services industry in Britain."

That's about 12.5% of our GDP, isn't it? Oh well, we still have some fish.
 
20% of banking is expected to leave London OVER THE NEXT 10 YEARS.
Drama queens
 
bennymultifinish said:
Good! sooner they all pack up and foff the sooner we can start re-evaluating London for the sh!t hole it really is and every other part of the country can get back closer to some sort of parity.
Click to expand...

Do you really think this is good?
Did you think it was great for the north when the steel works and coal mines shut?
It is great when the car plants close?
This will hurt everybody in the UK - a massive fall in corporation tax will have to be replaced with more income tax from everywhere else.
 
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