UBS Hopes to Keep as Many Analysts in London as Possible, Chairman SaysBy
UBS Group AG wants to keep as many research analysts as possible in London after the U.K. exits the European Union, Chairman Axel Weber said.
It will be the Swiss bank’s traders and sales people who, “in the end, need to move to the EU if the U.K. were to leave,” Weber said Friday in a Bloomberg Television interview at the annual meeting of the Institute of International Finance in Washington.
Global investment banks are deciding where to move some operations after Brexit, expected in 2019. UBS is leaning toward Frankfurt for its trading headquarters, and could relocate 250 or more jobs to the Germany city or other European locations, people familiar with the Zurich-based firm’s plans said in August.
Weber said that UBS has more options than many U.S. competitors because it already has banking licenses and other legal entities in multiple European countries. The lender will eventually have to decide on where to put its employees and how to reorganize trading operations, he said.
“We can afford to wait, but clearly if we do not see a longer transition phase, then some traders will have to move,” Weber said. He said not every desk would have to shift, since not all service EU clients.