UBS to consider post-Brexit relocations

Following the outcome of the EU Referendum, Swiss financial services giant UBS is considering moving a significant proportion of its London-based staff in charge of EU distribution to the continent, according to Andrea Orcel, president of the investment banking division at UBS.

In an interview with Bloomberg TV, Orcel stated that if passporting rights were affected by the EU Referendum: “The part of the business that is EU business done from London would need to be done elsewhere”.

While he refused to specify the exact number of staff members to be affected, he added that if would concern “a significant percentage, relevant enough for everyone to be concerned that this will require a complete reassessment of our model.” UBS AG did not comment on his statement.

UBS, which currently manages about CHF 966.87bn (€886.2bn) and employs about 5000 people in the UK, is the third Swiss financial services provider to weigh in on the relocation debate.

Just two weeks following the referendum outcome, GAM was reported to have halted the lease of its new offices near Buckingham Palace, according to Bloomberg reports. The group refused to comment on the report.

Unicredit on the other hand announced yesterday that it will continue to planned expansion of its London office, since the beginning of this year, it increased the number of London-based staff members from 25 to 40.

Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

Read more from Mona Dohle

Close Window
View the Magazine

I also agree to receive editorial emails from InvestmentEurope
I also agree to receive event communications for InvestmentEurope
I also agree to receive other communications emails from InvestmentEurope
I agree to the terms of service *

You need to fill all required fields!