UBS Boss: Brexit ‘Unlikely’ to Lead to as Many Job Transfer As Previously Thought

UBS’ chief executive has said that it seems more unlikely that the Swiss bank will have to relocate up to 1,000 jobs away from London after Brexit – a figure that was previously lauded as a worst-case scenario.

Talking to reporters, Sergio Ermotti stated that the bank had acquired “regulatory and political clarifications” about doing business after Brexit.

“We are finalising our plan on where to move people,” said Ermotti.

He added that in the past few months, the 1,000 figure that had been mentioned earlier as a possible worst-case scenario for the number of jobs that would have to relocate after Brexit, was becoming “more and more unlikely.”

Ermottie revealed that UBS already have the licences that it requires in its EU bank in Frankfurt to proceed with doing business after the United Kingdom leaves the European Union. He also stated that bank aims to retain as many people as possible in London.

Currently, UBS employs around 5,000 people in London. In January, chairman Axel Weber stated that around a fifth of those jobs could be in danger of having to move.

Other global banks have also been implying that they are preparing to transfer a proportion of their staff in London to the continent after Brexit, with Dublin, Paris, and Frankfurt, appearing as some of the most popular destinations.