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00:00Brexit we will have to. And the question is how many. A will very much depend on the agreement that the UK will reach with the EU. But yes we will have to move bankers and I think that we have an SC in Frankfurt. We have an appropriate set up in Spain. We have still flexibility to decide side work to go but we will definitely have to move. And this is why in the next few years can you give us a sense already of how many people either you approach them or will you talk to these employees at a later stage or have they asked. Well I do think that in our plans the only thing we can do I and I would say the regulators encourage us to do that is to anticipate we're worse. We can't just be optimistic. So if we anticipate we're worse we anticipate a de minimis agreement between the UK and the EU. We anticipate that there won't be a transitory period and such a transformation to execute Dax a year and a half to two. So you're almost saying that the moment the UK invokes Article 50 we need to be an execution to move whatever we need to move to another jurisdiction. How much do we move is very much dependent on what the sovereign jurisdiction is going to concede in terms of transitory or permanent agreements between VAT jurisdiction and the UK. I'm back to back and model that we can implement yet when we go back to the markets and we touched on this a little bit but I want to get your thoughts on what exactly Donald Trump can do. If you look at the market's volatility what's priced in and you say maybe they've priced in it a bit too much and there are risks to the downside which isn't on the markets but overall is this a very clear divergence play that you know the Fed tightens the rest of the world CAC . Well I think with respect to Trump I think he made it very clear what he wants to do assuming that he delivers on what he has said or he executes on what he has said he's got that's priced in and that is going to be what we see. If he doesn't then we're going to have an adjustment. If he does better then we're going to have an adjustment. What I do think is a fact is the U.S. economy is accelerating. So rates are going to come up and the US are going to pull forward further because if you look at Europe we have the natural uncertainty because of Brexit the natural absurdity because of election in France and Germany and everywhere else the economy that is still quite fragile. I don't think is going to anywhere being close to keep up with the US. And as I said before if you look at Asia well we see some acceleration in Australia and Japan. China is adjusting and the engine is not there so. So I think anybody who has a center of gravity in the US will do better than anybody that doesn't know how much better will depend on how much and how quickly Trump can execute what he is doing .

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UBS's Orcel: We'll Have to Move Employees From London

Andrea Orcel, UBS Investment Bank president, discusses the potential impact of Brexit on financial markets during an interview with Bloomberg's Francine Lacqua at the World Economic Forum in Davos, Switzerland. (Source: Bloomberg)

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