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This is not the first time a bank has threatened to leave the UK over Brexit.

We heard Morgan Stanley was going to go, the day the EU referendum result was announced.

And last month we were told “leading banks” would pull out of the UK in 2017.

So this latest threat is no surprise.

It also carries a little more weight than the others, because it follows UK prime minister Theresa Mayfly’s announcement that she intends to take the country out of the European Single Market.

Of course, HSBC is a bank with a tarnished reputation, having been found to have helped thousands of wealthy clients to evade hundreds of millions of pounds worth of tax.

Does that make it attractive to the French government?

HSBC bank would likely switch 1,000 jobs to Paris from London, with Britain planning to leave the EU single market under Brexit, chief executive Stuart Gulliver told Bloomberg Television.

Speaking from the World Economic Forum in the Swiss ski resort Davos, Gulliver said in an interview that “about 1,000 jobs which are carrying out activities which are covered by European legislation… would probably need, in our case, to go to France”.

While Gulliver had in the past already hinted at such a switch of investment banking jobs, his comments appeared more precise as he suggested France would take precedence over other EU nations.

“We bought Credit Commercial de France in 2002, so we have a full service universal bank in France. And so for us, it’s France.”

Activities covered by European financial regulation that would need to move equate to about 20 percent of revenue earned by HSBC’s investment bank division in London, Gulliver added.

Source: Brexit boost for France: HSBC set to switch 1,000 jobs from London to Paris

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