UBS is considering to relocate 250 investment bankers from London to Frankfurt or another major city in the European Union, according to media reports. Such a move would deal another blow to the U.K. capital's financial market after last year’s decision to leave the EU.
UBS Europe moved its European wealth-management operations to Frankfurt at the end of last year and is now considering whether to follow up the move with its trading activities, people close to the matter told «Bloomberg».
Switzerland’s largest bank is mulling the relocation of at least 250 investment bankers to the German banking capital or to another major European city. The bank however had yet to take its decision, the sources told «Bloomberg».
German Regulator Informed
Sergio Ermotti, the chief executive officer of UBS, earlier this year had said that Frankfurt, Amsterdam and Madrid were among the favorite locations for the bank’s European investment banking operations and announced that he would be taking a decision by the end of the summer.
Chances are that UBS will move the investment-banking services to Frankfurt as the bank already informed the German regulator that it intended to expand its business in the city, according to sources.
Frankfurt Benefits From Brexit
Also, the bank has a German banking license that covers wealth management as well as trading and advisory services for the investment banking business.
Frankfurt so far has emerged as the major beneficiary of Brexit, which has to be concluded by 2019. Standard Chartered, Morgan Stanley and Nomura have all increased their operations in the German city
