Bloomberg TV - UBS wants to keep as many analysts in London as possible

London

UBS 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.

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 bank 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.

Hit the link below to access the complete Bloomberg News article:

UBS Hopes to Keep as Many Analysts in London as Possible, Chairman Says

BofA Cutting Staff Again After a Single Quarter of Hiring More

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts