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.
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