DS Forums

 
 

Brexit: French financial regulator wooing London banks


Reply
Thread Tools Search this Thread
Old 08-12-2016, 13:39
trevgo
Forum Member
 
Join Date: Apr 2009
Location: Leafy London
Posts: 20,380
Yet more news from the OP we haven't heard more than once before from France, zzzzzzzzzzzzz.
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.
trevgo is offline   Reply With Quote
Please sign in or register to remove this advertisement.
Old 08-12-2016, 13:41
Jayceef1
Forum Member
 
Join Date: Nov 2007
Location: Kent
Posts: 3,039

As if it's not bad enough where we are, when others gloat at news like this I feel physically sick.
It's Gina Miller II
Jayceef1 is offline   Reply With Quote
Old 08-12-2016, 13:44
Doctor_Wibble
Forum Member
 
Join Date: Oct 2003
Posts: 10,892
HSBC = Hong Kong and Shanghai Banking Corporation, not the Heidelberg and Karlsruhe Banking Corporation.
IIRC Heidelberg is/was a maker of printing presses, so I'm assuming the association there with banks (and money) is not accidental...?
Doctor_Wibble is offline   Reply With Quote
Old 08-12-2016, 13:44
grassmarket
Forum Member
 
Join Date: Aug 2000
Location: Edinburgh
Posts: 23,319
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...
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."
grassmarket is offline   Reply With Quote
Old 08-12-2016, 13:46
Rooks
Forum Member
 
Join Date: Apr 2004
Posts: 5,887
HSBC = Hong Kong and Shanghai Banking Corporation, not the Heidelberg and Karlsruhe Banking Corporation.
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.
Rooks is offline   Reply With Quote
Old 08-12-2016, 13:54
jmclaugh
Forum Member
 
Join Date: Sep 2003
Location: Devon
Posts: 47,995
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.
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.
jmclaugh is offline   Reply With Quote
Old 08-12-2016, 13:56
glasshalffull
Forum Member
 
Join Date: Sep 2010
Posts: 12,662
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.
glasshalffull is offline   Reply With Quote
Old 08-12-2016, 13:57
aurichie
Forum Member
 
Join Date: Jan 2012
Posts: 5,100
Brexiteers need to get with the real world and fast.
aurichie is offline   Reply With Quote
Old 08-12-2016, 13:57
trevgo
Forum Member
 
Join Date: Apr 2009
Location: Leafy London
Posts: 20,380
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.
Pathetic response, as ever.

Bring on those cuts.
trevgo is offline   Reply With Quote
Old 08-12-2016, 13:58
trevgo
Forum Member
 
Join Date: Apr 2009
Location: Leafy London
Posts: 20,380
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.
Don't be so Essexist.

Bits of Kent are nothing to write home about sophistication-wise.
trevgo is offline   Reply With Quote
Old 08-12-2016, 14:00
glasshalffull
Forum Member
 
Join Date: Sep 2010
Posts: 12,662
Don't be so Essexist.

Bits of Kent are nothing to write home about sophistication-wise.
That's true...the Garden County of England has some really weed infested patches
glasshalffull is offline   Reply With Quote
Old 08-12-2016, 14:05
LostFool
Forum Member
 
Join Date: May 2005
Posts: 59,682
Brexiteers need to get with the real world and fast.
Not much chance of that, Many of them are still stuck in the 50s. Some of them the 1850s.
LostFool is online now   Reply With Quote
Old 08-12-2016, 14:37
Payne by name
Forum Member
 
Join Date: Apr 2009
Location: London
Posts: 2,533
Suggesting that the banks are going to completely desert London, one of the financial capitals of the world, is naive delusional nonsense.
Payne by name is offline   Reply With Quote
Old 08-12-2016, 14:40
Payne by name
Forum Member
 
Join Date: Apr 2009
Location: London
Posts: 2,533
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.
An Oscar please for the most overly dramatic poster in this thread.
Payne by name is offline   Reply With Quote
Old 08-12-2016, 14:54
Sargeant80
Forum Member
 
Join Date: Apr 2011
Posts: 1,300
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."
This

The EU will regulate and tax the banks more than the UK.
Sargeant80 is offline   Reply With Quote
Old 08-12-2016, 15:30
LostFool
Forum Member
 
Join Date: May 2005
Posts: 59,682
Suggesting that the banks are going to completely desert London, one of the financial capitals of the world, is naive delusional nonsense.
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.
LostFool is online now   Reply With Quote
Old 08-12-2016, 17:00
Payne by name
Forum Member
 
Join Date: Apr 2009
Location: London
Posts: 2,533
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.
On no, a few people might relocate from Canary Wharf and the City!!!!

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?
Payne by name is offline   Reply With Quote
Old 08-12-2016, 18:04
Ovalteenie
Forum Member
 
Join Date: Mar 2004
Location: a whimsical world
Posts: 20,959
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 was the original HQ, they only moved to London in 1992 as part of the regulatory agreement to allow them to take over Midland Bank, because of uncertainty at the time about what would happen after 1997.

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.
Ovalteenie is offline   Reply With Quote
Old 08-12-2016, 19:01
Aurora13
Forum Member
 
Join Date: Apr 2014
Posts: 10,592
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.
Aurora13 is offline   Reply With Quote
Old 08-12-2016, 19:30
bingbong
Forum Member
 
Join Date: Sep 2003
Posts: 1,249
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.
bingbong is offline   Reply With Quote
Old 08-12-2016, 20:51
allaorta
Inactive Member
 
Join Date: May 2011
Posts: 18,881
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.
You must be looking forward to Christmas and the prospect of getting some better humour out of the crackers.
allaorta is offline   Reply With Quote
Old 08-12-2016, 20:52
allaorta
Inactive Member
 
Join Date: May 2011
Posts: 18,881
Don't be so Essexist.

Bits of Kent are nothing to write home about sophistication-wise.
How abaht Tower Hamlits?
allaorta is offline   Reply With Quote
Old 08-12-2016, 20:54
allaorta
Inactive Member
 
Join Date: May 2011
Posts: 18,881
This

The EU will regulate and tax the banks more than the UK.
Despite which France will remain in the cacky and any business moving there will rue the day.
allaorta is offline   Reply With Quote
Old 08-12-2016, 20:56
alan29
Forum Member
 
Join Date: Nov 2007
Posts: 20,482
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.
Twas but a mirthful jest. Nothing more.
alan29 is online now   Reply With Quote
Old 08-12-2016, 22:02
Aurora13
Forum Member
 
Join Date: Apr 2014
Posts: 10,592
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.
Not sure you understand the difference between access to single market and being in single market. The whole crux of this is that UK are major services exporters to EU. No deal for access to single market ever done or ever going to be done in the future is going to give the financial services industry what they have by UK being in the single market.

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.
Aurora13 is offline   Reply With Quote
 
Reply



Thread Tools Search this Thread
Search this Thread:

Advanced Search

 
Forum Jump


All times are GMT. The time now is 20:10.