Amsterdam ? Madrid ? Frankfurt ?
Reuters reports that UBS asked staff whether they would prefer to relocate to Amsterdam, Madrid or Frankfurt after Britain leaves the European Union in a survey sent to its investment bankers on Tuesday, according to sources familiar with the matter.
Financial service firms need a regulated subsidiary in an EU country to offer products across the bloc, which means some are looking to move jobs out of Britain if it loses access to the European single market.
The bank has estimated that it would need to move around 1,000 people from London to the EU to retain full ‘passporting’ rights to sell products and services across the bloc, which would equate to around a quarter of its 5,500 staff currently based in the British capital.
In its voluntary survey of staff sent out on Tuesday the questions asked included: “state your first, second and third choice between Amsterdam, Madrid and Frankfurt on where you’d prefer to relocate after Brexit”.
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