UBS will move some of its staff away from London as a consequence of Brexit. The bank reportedly has alerted its bankers that the employees affected by a move will be notified in coming months.

Switzerland’s largest bank will shift most of the staff who will have to move as a consequence of Brexit to Frankfurt, according to a report by «Reuters», which was based on a memo sent to UBS bankers by investment banking chief Andrea Orcel.

However, the bank seems to have decided that the relocations will depend on where the customers of the individual banker are based. Orcel said that feedback from staff had also influenced the decision by the bank to opt for a decentralized model and to leverage the existing UBS Europe bank.

Brexit Contingency Planning

The relocations due to be announced in coming months will affect fewer than 200 UBS members of staff, a further source told «Reuters». UBS has about 5,000 people under contract in London.

Like many of its rivals, the Swiss bank has developed a relocation plan reacting to Brexit, which in all likelihood will remove the EU passporting rights for financial service companies based in the U.K.