HSBC Chief Executive Stuart Gulliver confirmed on Tuesday possible plans to move 1,000 jobs from Britain to Paris in case of a so-called ‘hard’ Brexit, and said recent reforms from the French government would be positive, if enacted.

“There is about 1,000 jobs out of 43,000 that are employed in the UK that will be unlawful for our activities to be carried out of the UK, if it’s hard Brexit,” said Gulliver, speaking during a conference in Paris.

“The package of reforms suggested last week is very, very positive,” he added, referring to labor market and economic reforms proposed by the French government.

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