October 27, 2017 / 9:03 AM / a year ago

UBS to tell staff in next few weeks about Brexit plans: CEO

CEO Sergio Ermotti of Swiss bank UBS awaits the annual shareholder meeting in Basel, Switzerland May 4, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss bank UBS (UBSG.S) plans to tell UK staff “in the next few weeks” where it will move jobs to prepare for Britain’s departure from the European Union, Chief Executive Sergio Ermotti said on Friday.

UBS already has a bank in Frankfurt with the necessary licenses to serve wealth management and investment banking and Ermotti indicated it is now a question how UBS shares the jobs around Europe.

“We are looking between a couple of countries like Spain or Holland still maybe having, on a branch basis, people operating from those locations under the license of our Frankfurt-based bank,” Ermotti told reporters.

The bank’s “worst case scenario” had involved the shift of around 1,000 jobs out of London but Ermotti said this possibility had been reduced in recent months.

Reporting by Joshua Franklin; Editing by Michael Shields

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