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00:00:00
>> HSBC says that it's on track to move 1,000 jobs from here in London to the new headquarters of its retail bank in Birmingham. I'm Lawrence White, UK banking correspondent for Reuters, reporting from London's Canary Wharf. It's doing this because it has to, partly. It has to separate its UK retail bank from the bigger investment bank.
00:00:23
But it's also doing it to save money with London's property prices as high as they are. HSBC has found it challenging to persuade staff to move out of London, with all of the amenities of the capital. For some people, it's practical issues. They've maybe got children in school, or they've just bought a house, all of these particular cultural amenities that they prefer that are in London.
00:00:43
So what HSBC's had to do is offer people a better than normal version of its relocation package. A kind of inducement, if you will, in an effort to persuade them that it's worth their while to move from London up to Birmingham. Those benefits have included help with schooling, help with relocation.
00:01:00
In some cases, support with finding a new home in Birmingham. There's around 2.2 million jobs in finance and related professions in the UK, and two-thirds of those are actually outside London. A trend that is probably only going to increase as property prices rise here in London and remain flatter elsewhere in the UK.
00:01:17
I visited the building this week, it's very much a work in progress. It's ten floors of glass and steel in the heart of Birmingham. We took a lift up to the top floor with the Chief Executive, Antonio Simoes, where he showed us what the office is going to be like when it's finally ready.
00:01:33
Still a work in progress, they're hoping to open in January 2018. And it looks like it'll be a very impressive building, it's got very good green credentials. The question is, are there gonna be enough staff to fill it when the doors open?