UBS said to be leaning toward Frankfurt

Frankfurt Skyline

UBS is leaning toward Frankfurt for its trading headquarters inside the European Union after Brexit, according to four people with knowledge of the matter.

Bloomberg News reports that the firm’s investment bank employs about 4,800 bankers globally and could move 250 or more jobs out of London to Frankfurt and other European locations, two of the people briefed on the deliberations said, asking not to be identified as the talks are private.

UBS has notified the German regulator that it may increase its business in Frankfurt, the people said. No decision has yet been made and the numbers could still change, they said.

Frankfurt has emerged as the biggest winner in the fight for London-based investment-banking jobs that may have to be relocated to new hubs inside the EU in preparation for the U.K.’s exit in 2019. Standard Chartered, Morgan Stanley and Nomura are all expanding their presence in the city.

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UBS Is Said to Be Leaning Toward Frankfurt for EU Trading Hub

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