The disturbs are expected to affect fewer than 200 UBS staff, a source everyday with the plans told Reuters. UBS employs around 5,000 in the flesh in London.
Staff affected will be informed in the next few months and relocations inclination depend on where clients are based, according to a company memo think overed by Reuters.
Separately, the Swiss bank said in its annual report on Friday that it purpose merge UBS Limited, its British entity, into UBS Europe SE, its German headquartered European bank, in the non-attendance of a transition deal between Britain and the EU.
That would take grade prior to Britain leaving the European Union on 29 March, 2019.
“After a conscientious analysis, which included your feedback, we have opted for a myriad decentralized model and plan to leverage our existing UBS Europe SE and its extensive subdivide network,” UBS’s investment banking chief Andrea Orcel said in the memo.
The envisages announced by UBS are the latest sign of how banks are starting to execute on Brexit contingency aims after British Prime Minister Theresa May ruled out retaining passporting rationals for financial services.
The loss of these passporting rights – which currently green light finance firms to freely offer financial, advisory and trading rites to corporate clients across all EU states via just one local license – is a primary concern for banks.
Goldman Sachs said this week it was starting to transmit some senior bankers to Frankfurt in preparation for Britain’s exit from the EU. Guidon Chartered has started interviewing candidates for about 20 jobs it is effective to Frankfurt, its chief financial officer told Reuters.