Swiss financial services giant UBS is considering moving a significant proportion of its London-based staff in charge of EU distribution to the continent, following the outcome of the EU Referendum, 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 result of the UK’s 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, when asked.
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.