UBS CEO Says Shifting 1,000 Jobs From London Is Unlikely

Robbie Lawther Reporter London 30 October 2017

UBS CEO Says Shifting 1,000 Jobs From London Is Unlikely

According to reports, his target was to keep as many people as the firm can in London.

The head of Swiss banking giant UBS says its "worst-case scenario" of having to shift 1,000 jobs out of London due to Brexit is looking unlikely, according to media reports.

Chief executive Sergio Ermotti said his firm planned to tell UK staff "in the next few weeks" where it would move positions as it plans for Britain's departure from the European Union.

UBS had said earlier this year that as many as 1,000 of its 5,000 positions in the capital might have to move various places around Europe.

According to reports, Ermotti told reporters on Friday that this number had in recent months become "more and more unlikely" since there had been "more regulatory and political clarification about what we need to do".

He said his target was to "keep as many people as we can in London".

The Swiss firm is one of several international lenders to warn that they are making contingency plans to shift jobs to the continent to ensure they can carry on serving European clients. WealthBriefing reported in July that JP Morgan could move around 1,000 jobs from London.

That is because the country's status as a member of the single market, which currently grants UK money managers “passporting” rights to freely offer services and serve clients across member states, has been called into question by negotiators across Europe, as the deal surrounding Brexit does not seem to be coming to a progressive conclusion.

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