Two of UK’s largest banks-Barclays and HSBC- have decided to retain operations in the UK following Britain’s decision to exit the European Union.
HSBC chairman Douglas Flint reassured clients that the Brexit vote would not compel the bank to deviate from its plan of keeping UK as its base.
In a 10-month review conducted in February on whether to move its base away from London, the bank had decided to retain its headquarters in London.
"We said at the time we made the decision that we’d taken that [a Brexit] into consideration and that in the event of this outcome we would not call for that to be revisited," Flint said.
Prior to the Brexit vote, HSBC CEO Stuart Gulliver has said that the bank could move 1,000 jobs out of London to Paris in event of Brexit.
Similarly, Barclays CEO Jes Staley also said that the bank will stay anchored in Great Britain following UK’s vote to quit the EU. He said that the Brexit vote will not lead to job cuts in Britain, though it may open up new jobs in Europe.