Reports say one of United Kingdom’s biggest banks, HSBC, has begun 0plans to move 1,000 of its employees from London to Paris following the vote for Britain to leave the European Union (EU).
The bank is apparently concerned about the prospect of losing access to the European single market.
If Britain does not strike a deal to trade freely with the remaining EU countries, HSBC will reduce its London operations and boost the size of its French office, according to reports.
According to BBC, the bank will move 1,000 workers if the new Prime Minister fails to keep Britain in the European Economic Area.
The employees concerned currently work in Canary Wharf, processing payments which are denominated in euros.
If they did move, they would join 10,000 other HSBC staff already based in Paris – around one fifth of the size of the bank’s London headquarters.