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Iain Mackay: 'London is the foremost financial centre of the world'

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HSBC Group Finance Director Iain Mackay lauded London as “the foremost financial centre of the world”, dismissing notions that HSBC will move it’s main operations to France following Brexit. Mackay told Bloomberg that of the 42,000 Brits employed by the HSBC group only a very small proportion may be moved as an obligatory transition into a “post Brexit world”.“For us the transition represents no more than the movement of up to 1000 employees from our UK banking operations.”Mackay explains this movement of employees as a “transition of activities that may need to transition to the European supervisory framework”. He reiterates that HSBC’s view remains that “London will continue to be an important financial centre in a post-Brexit world.”

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