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Ernest and Young consultancy estimates over 230,000 UK jobs could be lost if euro-denominated clearing moved out of the country (FT 11/01/17).
HSBC reports some top clients are asking the bank to book more of their trade and foreign exchange activity in their French operations through HSBC’s Paris office. The concern for large companies is that they may lose the right to sell services and goods in they EU.
”They are making plans to ensure they can continue to trade regardless of the outcome. They can’t afford to wait for a decision that may not emerge for two years, ‘ Noel Quinn, head of commercial banking at HSBC said to Bloomberg. Standard April 13, 2017.