UBS initially said it could cull up to 1,500 jobs in London after the Brexit vote weakened the European financial center. One year later, the effect of the decision to leave the European Union looks far more modest.
The Zurich-based bank isn't withdrawing as many staff from London following last year's Brexit vote as fear. UBS is considering moving just 250 jobs to other offices in Europe, the «Financial Times» (behind paywall) reported, citing sources familiar with the plans.
UBS employs roughly 5,000 staff and quietly christened a sprawling new complex near Liverpool Street. For the bank to slash 1,500 of its staff in Britain and move the jobs elsewhere was a worst-case scenario, both for the bank which relies on London for its «passport» to the EU market, as well as for the City itself. A spokesman for the bank said the plans haven't been finalized yet.
From March 2019, Swiss and other non-bloc banks will require a subsidiary in another European center than London for access to the single market. Firms have been bolstering in other centers like Paris, Dublin or in UBS' case, Frankfurt as a result.
