Belfast Telegraph

UBS may shift up to 1,500 jobs out of London, says banking giant's boss

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

Chief executive Sergio Ermotti said around 20% to 30% of the bank's 5,000-strong workforce in the capital could be affected, adding 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 come 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

John Nelson, chairman of the insurance market , has called for clarity on the issue as Prime Minister Theresa May continues to thrash out with ministers what Brexit will mean in practical terms.

Banks and financial firms wanting to trade with a country in the European Economic Area (EEA) must apply for a passport. Once authorisation has been granted, businesses then have licence to sell their products to any other country within the EEA.

Companies benefit because they do not have to apply for authorisation in each separate country once their initial passport has been approved.

Without having access to a passport, UK-based financial firms would face a barrier when attempting to trade with countries within the European single market.