ZURICH (Reuters) - Swiss bank UBS (UBSG.S) is keeping its options open on moving staff from London in the wake of Britain’s vote to leave the European Union, Chairman Axel Weber told broadcaster CNBC on Wednesday.
“We have a huge presence in London, we just inaugurated our new building...but at the same time we have optionality. We are present onshore in most of the European markets. For us as a European bank, moving staff between London and locations where they need to be to be with their clients is going to be an issue we solve down the road,” he said.
“We have the optionality, we can use the optionality but there is no need to front load using that optionality before we actually know what the outcome of the negotiations (is).”
He also said he expected the new Trump administration taking office in the United States in January to ease up on regulating banks. “There will be adjustment around the edges. I don’t expect a full rollback on regulation but I expect much less regulation to come,” he said.
Reporting by Michael Shields and Angelika Gruber; Editing by Brenna Hughes Neghaiwi