HSBC will shift 1,000 staff from Canary Wharf to Birmingham in 2017.

New regulations set down by the Prudential Regulation Authority (PRA) require a distinction between retail and business banking from corporate and investment divisions, to be put in place by the start of 2019

The financial firm - whose headquarters are in E14 - said the move to the Midlands would affect those in head office at its ring-fenced bank.

HSBC UK’s chief executive Antonio Simoes said: “Birmingham is a vibrant, growing city that has the expertise and infrastructure to support our ring-fenced bank and brings us a step closer to our ambition of being the bank of choice in the UK.”