LONDON: International banking group HSBC is moving 1,000 jobs from its Canary Wharf base in London to Birmingham, which will become the home of its UK banking arm.
The jobs will start being transferred in mid 2017, and the move is expected to be completed by the start of 2019 to satisfy new banking regulations.
HSBC already employs 2,500 people in Birmingham in three offices and at its retail branch network. The city has become a major financial centre in recent years, with big operations for RBS and Lloyds while Deutsche Bank is also moving 1,000 people to the city.
HSBC says Birmingham will become the head office for its UK ‘ringfenced’ bank handling core banking deposits. The bank says it is in advanced discussions to buy the 250-year lease on a new office in the Arena Central district of the city centre, by Centenary Square.
Arena Central is a 9.2 acre mixed use development site fronting on to Broad Street. The £400 million development will also sit on the site of the former Central TV studios.
