You are here: Home » Reuters » News
Business Standard

Exclusive: UBS plans to shift some staff to Frankfurt after Brexit: memo

Reuters  |  ZURICH/LONDON 

By Sinead Cruise, and Lawrence White

ZURICH/(Reuters) - Swiss UBS has told employees that the majority of those affected by will move to from London, setting out what it called a decentralised approach to relocating staff.

The moves are expected to affect fewer than 200 UBS staff, a source familiar with the plans told UBS employs around 5,000 people in

Staff affected will be informed in the next few months and relocations will depend on where clients are based, according to a company memo seen by

Separately, the Swiss said in its annual report on Friday that it will merge UBS Limited, its British entity, into SE, its German headquartered European bank, in the absence of a transition deal between Britain and the EU.

That would take place prior to Britain leaving the on 29 March, 2019.

"After a thorough analysis, which included your feedback, we have opted for a more decentralized model and plan to leverage our existing SE and its extensive branch network," UBS's investment banking chief said in the memo.

The plans announced by UBS are the latest sign of how banks are starting to execute on contingency plans after British ruled out retaining passporting rights for

The loss of these passporting rights - which currently enable to freely offer financial, to corporate clients across all EU states via just one local license - is a major concern for banks.

said this week it was starting to transfer some senior bankers to in preparation for Britain's exit from the EU. has started interviewing candidates for about 20 jobs it is moving to Frankfurt, its told

(additional reporting by Hans Seidenstuecker; Editing by and Keith Weir)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 22:32 IST