UBS, the Swiss banking giant, has hired Jonathan Hill, the former representative to the European Union of the United Kingdom, as an adviser to its clients regarding Brexit.
Hill was a Conservative politician who has also served as the leader of the House of Lords in the cabinet of David Cameron. He has taken up the role as the senior adviser to corporate clients at the bank.
He is the most recent political figure to be lured into a top role in the City after George Osborne, the former chancellor of the United Kingdom, joined Blackrock and José Manuel Barroso, the former president of the European Commission, moved to Goldman Sachs.
Lord Hill served as a European commissioner for financial stability for about two years until July 2016, when he resigned from his post after the Brexit vote.
Since then, he has been helping tp establish a forum for business people to debate regarding the future outside the European Union of the United Kingdom. The forum is called the Prosperity UK.
UBS said that its new hire would enable it to offer its customers with “richer advice in relation to Brexit and the wider political and economic environment.”
UBS stated: “His experience in both Brussels and the UK means he is able to speak with authority on the challenges and opportunities for business arising from recent political and economic developments in Europe.”
The civil servant was 57 years old. He established a reputation as the defender and advocate of financial services in the United Kingdom when he was in Brussels.
Regarding his resignation from his post as the commissioner, he stated: “I don’t believe it is right that I should carry on as the British commissioner as though nothing had happened.”
A week before the Brexit vote, he said that he believed getting a good deal following a vote to withdraw from the European Union was “in the realm of complete fantasy.”