‘Point of no return’ looms for financial services sector

HSBC has said it is on course to move up to 1,000 jobs to France. Picture: Getty Images
HSBC has said it is on course to move up to 1,000 jobs to France. Picture: Getty Images
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Britain’s banks, insurers and asset managers are bracing themselves for the “point of no return” amid concerns that thousands of jobs could be set to leave the UK.

The financial services industry is ramping up the pressure to clinch a transition period that would extend market access to the EU beyond March 2019, with several firms said to be just months away from pushing the button on Brexit contingency plans.

The first quarter of 2018 has been dubbed the “point of no return” for banks. Without a transition deal, firms are expected to start moving staff and part of their UK business to rival financial hubs. HSBC has said it is on course to move up to 1,000 jobs to France, while Barclays’ Dublin office is set to serve as its EU hub.