UBS Said to Mull Moving London Investment Bankers to Madrid
- Spain said to be among several Brexit options explored by UBS
- ‘We will definitely have to move’ some people, Orcel said
UBS's Orcel: We'll Have to Move Employees From London
This article is for subscribers only.
UBS Group AG is considering moving investment bankers from London to Madrid as the U.K. prepares for a clean break with the European Union, according to a person with knowledge of the matter.
The bank is among a growing number of companies looking to shift jobs to the continent for fear Brexit will cost them passporting rights, which now enable them to sell services to the rest of the European Union from bases in London. Prime Minister Theresa May said this week that the U.K. will negotiate a free trade agreement with the bloc rather than seek to remain a member of its single market.