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Brexit: French financial regulator wooing London banks |
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#26 |
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Join Date: Apr 2009
Location: Leafy London
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Yet more news from the OP we haven't heard more than once before from France, zzzzzzzzzzzzz.
Frankly, I'm beginning to feel like others. Bring on the public service cuts so those who rely on them and played Russian roulette with others' feel some effect. As if it's not bad enough where we are, when others gloat at news like this I feel physically sick. |
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#27 |
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Join Date: Nov 2007
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As if it's not bad enough where we are, when others gloat at news like this I feel physically sick. |
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#28 |
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Join Date: Oct 2003
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HSBC = Hong Kong and Shanghai Banking Corporation, not the Heidelberg and Karlsruhe Banking Corporation.
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#29 |
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Join Date: Aug 2000
Location: Edinburgh
Posts: 23,310
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Right, so the French regulator hoping to get banks to set up shop over there - or more likely shift emphasis i.e. tippex on the letterheading - tries to make it sound like a brilliant idea because apparently everyone's doing it, no really, lots of offers, big institutions, yeah the department is just snowed under...
"Yes, move to France where if your employees don't like your policies they can kidnap you hold you to ransom, and the Gendarmes won't lift a finger to protect you. If you refuse a loan to some fisherman, they'll come and dump a truckload of sardines outside your branch, and you'll have to pay to remove them. And if you foreclose on a farmer, he will come and spray your house with liquid manure. And if you park your car outside the branch, a gang of Muslim fanatics will come and set fire to it. But the food's great, if you don't mind the chefs spitting in your soup when you refuse them a loan. And you don't even want to ask what will happen if you put a portrait of the Duke of Wellington on one of your banknotes." |
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#30 |
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Join Date: Apr 2004
Posts: 5,887
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Quote:
HSBC = Hong Kong and Shanghai Banking Corporation, not the Heidelberg and Karlsruhe Banking Corporation.
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#31 |
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Join Date: Sep 2003
Location: Devon
Posts: 47,961
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You're not going to stop hearing about it. It is BAD news. Highly paid, highly taxed jobs leaving. We all know you don't have to rely on a job for a living, and that you and your cohorts couldn't give two figs about anyone else's, but don't expect a quiet life because of it.
Frankly, I'm beginning to feel like others. Bring on the public service cuts so those who rely on them and played Russian roulette with others' feel some effect. As if it's not bad enough where we are, when others gloat at news like this I feel physically sick. |
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#32 |
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Join Date: Sep 2010
Posts: 12,662
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Wooing them??
That's a laugh...many have had plan B well formed for months now...large chunks of them will be easier to have than a spray tanned, white high heeled girl called Chelsee from Essex down a back alley after a couple of Lambrini's on a Saturday night. |
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#33 |
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Join Date: Jan 2012
Posts: 5,099
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Brexiteers need to get with the real world and fast.
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#34 |
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Join Date: Apr 2009
Location: Leafy London
Posts: 20,370
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Whatever, you've got to the point whereby what you post is no longer worth replying to. I hope you have a sick bag ready.
Bring on those cuts. |
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#35 |
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Join Date: Apr 2009
Location: Leafy London
Posts: 20,370
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Wooing them??
That's a laugh...many have had plan B well formed for months now...large chunks of them will be easier to have than a spray tanned, white high heeled girl called Chelsee from Essex down a back alley after a couple of Lambrini's on a Saturday night. Bits of Kent are nothing to write home about sophistication-wise.
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#36 |
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Join Date: Sep 2010
Posts: 12,662
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Don't be so Essexist.
Bits of Kent are nothing to write home about sophistication-wise. ![]()
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#37 |
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Join Date: May 2005
Posts: 59,670
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Brexiteers need to get with the real world and fast.
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#38 |
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Join Date: Apr 2009
Location: London
Posts: 2,527
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Suggesting that the banks are going to completely desert London, one of the financial capitals of the world, is naive delusional nonsense.
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#39 |
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Forum Member
Join Date: Apr 2009
Location: London
Posts: 2,527
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Quote:
You're not going to stop hearing about it. It is BAD news. Highly paid, highly taxed jobs leaving. We all know you don't have to rely on a job for a living, and that you and your cohorts couldn't give two figs about anyone else's, but don't expect a quiet life because of it.
Frankly, I'm beginning to feel like others. Bring on the public service cuts so those who rely on them and played Russian roulette with others' feel some effect. As if it's not bad enough where we are, when others gloat at news like this I feel physically sick. |
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#40 |
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Forum Member
Join Date: Apr 2011
Posts: 1,300
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The French are wooing the big banks in the same way and with the same chances of success that I am wooing Liz Hurley.
"Yes, move to France where if your employees don't like your policies they can kidnap you hold you to ransom, and the Gendarmes won't lift a finger to protect you. If you refuse a loan to some fisherman, they'll come and dump a truckload of sardines outside your branch, and you'll have to pay to remove them. And if you foreclose on a farmer, he will come and spray your house with liquid manure. And if you park your car outside the branch, a gang of Muslim fanatics will come and set fire to it. But the food's great, if you don't mind the chefs spitting in your soup when you refuse them a loan. And you don't even want to ask what will happen if you put a portrait of the Duke of Wellington on one of your banknotes." The EU will regulate and tax the banks more than the UK. |
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#41 |
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Join Date: May 2005
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Suggesting that the banks are going to completely desert London, one of the financial capitals of the world, is naive delusional nonsense.
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#42 |
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Join Date: Apr 2009
Location: London
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Nobody is suggesting that they "completely desert" but even the loss of a small percentage of jobs could have a big economic impact. It's not just the roles themselves but those in their supply chain Fewer top bankers is bad news for wine bars, hotels and restaurants in London as well as the IT, legal and marketing businesses which service them.
Will the prices of property tumble, will they have to close the big Waitrose there, will sales of prosecco fall through the floor? It's all just hysterical noise. The FCA who are based in Canary Wharf are moving to Stratford in 2018. They'll be naturally pulling their staff over to there. What will happen to the bars and sandwich shops when they go, will they all really close? |
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#43 |
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Join Date: Mar 2004
Location: a whimsical world
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You miss the point entirely. HSBC are headquartered in the UK, not Hong Kong. Last year they were reported to be looking at relocating to Hong Kong. Which would have been the same effect as the UK leaving the EU, i.e. that HSBC would be headquartered outside the EU. That it was even considered suggests that being inside the EU isn't vital to their business. Important perhaps, but clearly not important enough to relocate their HQ into the EU.
Hong Kong and Asia Pacific is by far the most important and biggest source of HSBC's profits, and dwarfs their business in Britain and EU. So it makes sense for them to threaten to move back there, if the regulatory climate here gets too tough for them. In fact, the CEO's office was relocated back to Hong Kong several years ago, so the effective operating HQ is back in Hong Kong anyway. HSBC remains listed on the Hong Kong stock market as well as London. |
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#44 |
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Join Date: Apr 2014
Posts: 10,588
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Office space in various cities in Europe is being sought. If we lose passporting it's not just City jobs lost it is jobs in units across the country. Companies can open up operation in Belgium which is just as accessible as northern England. The consensus seems to be jobs will move to Frankfurt rather than France longer term. Interim it may be easier for banks to get folks to work in Paris due to transport links. Dublin us of course the other major beneficary.
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#45 |
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Join Date: Sep 2003
Posts: 1,249
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France basically confirming that they wont be allowing our FS to access the SM after Brexit then. The joke on the French will be that it will be other country's will be beneficiary of this policy. The joke on the French people will be that there Govts Policy of trying to get more jobs for Paris will be a blow to their export trade with the UK.
Its difficult to imagine us with a Trade Deficit with the EU to pay money to trade with them. Norway,Iceland and Switzerland all have Trade Surpluses with the EU thats why they put up with there rules laws etc. It would be like us paying money to enter a store to shop ![]() Maybe out of spite we could stop teaching French in our schools and demand the bodies back of our soldiers killed defending France. |
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#46 |
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Inactive Member
Join Date: May 2011
Posts: 18,881
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Quote:
Wooing them??
That's a laugh...many have had plan B well formed for months now...large chunks of them will be easier to have than a spray tanned, white high heeled girl called Chelsee from Essex down a back alley after a couple of Lambrini's on a Saturday night. |
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#47 |
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Inactive Member
Join Date: May 2011
Posts: 18,881
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Quote:
Don't be so Essexist.
Bits of Kent are nothing to write home about sophistication-wise. ![]() |
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#48 |
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Inactive Member
Join Date: May 2011
Posts: 18,881
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Quote:
This
The EU will regulate and tax the banks more than the UK. |
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#49 |
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Forum Member
Join Date: Nov 2007
Posts: 20,480
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Quote:
You miss the point entirely. HSBC are headquartered in the UK, not Hong Kong. Last year they were reported to be looking at relocating to Hong Kong. Which would have been the same effect as the UK leaving the EU, i.e. that HSBC would be headquartered outside the EU. That it was even considered suggests that being inside the EU isn't vital to their business. Important perhaps, but clearly not important enough to relocate their HQ into the EU.
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#50 |
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Forum Member
Join Date: Apr 2014
Posts: 10,588
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Quote:
France basically confirming that they wont be allowing our FS to access the SM after Brexit then. The joke on the French will be that it will be other country's will be beneficiary of this policy. The joke on the French people will be that there Govts Policy of trying to get more jobs for Paris will be a blow to their export trade with the UK.
Its difficult to imagine us with a Trade Deficit with the EU to pay money to trade with them. Norway,Iceland and Switzerland all have Trade Surpluses with the EU thats why they put up with there rules laws etc. It would be like us paying money to enter a store to shop ![]() Maybe out of spite we could stop teaching French in our schools and demand the bodies back of our soldiers killed defending France. It is the UK who is giving the message to the banks and to France that they do not want to be in the single market. You cannot start shouting about France when it is a UK decision. The reason UK don't want to be in single market is it comes with FOM. |
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