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Brexit 'could force UBS to relocate jobs'

By Ben Woods

Published 07/09/2016

UBS chief executive Sergio Ermotti: 'We believe that London will continue to be an important financial centre, although maybe not as important as it is today'
UBS chief executive Sergio Ermotti: 'We believe that London will continue to be an important financial centre, although maybe not as important as it is today'

The boss of Swiss banking giant UBS has said the lender may shift up to 1,500 jobs out of London after the UK voted to leave the European Union.

Chief executive Sergio Ermotti added that around 20% to 30% of the bank's 5,000-strong workforce in the capital could be affected, explaining that the lender was "well prepared" for any outcome from the UK's negotiations to exit the EU.

"We currently employ more than 5,000 people in London, and probably 20% to 30% of our workforce could be affected," Mr Ermotti told Japanese newspaper Nikkei.

"We believe that London will continue to be an important financial centre, although maybe not as important as it is today."

The comments came after Lloyd's of London said it could be forced to move parts of its business to the EU unless single market access is secured in a post-Brexit Britain. Some jobs may move to the Republic.

Belfast Telegraph

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