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    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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Delayed Quote. Delayed London Stock Exchange - 01/24 11:38:49 am
492.5 GBX   -2.26%
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HSBC boss warns costs will soar if Brexit fragments European financial market

12/03/2021 | 01:21am EST

THE BOSS of the UK's largest lender warned banks and their clients will have to swallow higher costs if the European financial market fragments after Brexit.

Speaking yesterday at the Financial Times's Global Banking

Summit, Noel Quinn, chief executive of HSBC, said there is a real "risk of fragmentation increasing costs" in the banking sector.

Several global banks who have historically had a strong presence in London are planning on shifting their workforce to European cities to avoid being stung by greater friction stemming from Brexit.

HSBC is planning on moving about 1,000 investment bankers from London to its Paris office.

The European Central Bank (ECB) has been pushing banks to move staff out of London and into Europe.

The stronger line has been triggered by the ECB tightening rules on moving staff and capital to the EU. During the pandemic, Brussels took a more relaxed position on allowing banks to flow into the bloc.

"I'm hopeful the temporary arrangements will become more permanent. I think there is some optimism on that, but we'll have to wait and see," Quinn added.

"That's not for me to make a judgment call on, that's for politicians and regulators ... But either way, we are positioned."

London and Brussels have yet to reach a post-Brexit agreement on financial services rules.

(c) 2021 City A.M., source Newspaper

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Analyst Recommendations on HSBC HOLDINGS PLC
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Financials (USD)
Sales 2021 50 022 M - -
Net income 2021 12 286 M - -
Net Debt 2021 - - -
P/E ratio 2021 11,2x
Yield 2021 3,78%
Capitalization 135 B 134 B -
Capi. / Sales 2021 2,69x
Capi. / Sales 2022 2,55x
Nbr of Employees 223 448
Free-Float 98,2%
Chart HSBC HOLDINGS PLC
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Technical analysis trends HSBC HOLDINGS PLC
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 6,64 $
Average target price 7,14 $
Spread / Average Target 7,53%
EPS Revisions
Managers and Directors
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Ewen James Stevenson Chief Financial Officer & Executive Director
Mark Edward Tucker Independent Non-Executive Director
Steven C. van Wyk Chief Information Officer
John M. Hinshaw Group Chief Operating Officer
Sector and Competitors