Reuters - UBS will move most affected staff to Frankfurt post Brexit

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UBS has told employees that the majority of those affected by Brexit will move to Frankfurt from London, setting out what it called a decentralised approach to relocating staff.

The moves are expected to affect fewer than 200 UBS staff, a source familiar with the plans told Reuters. UBS employs around 5,000 people in London.

Staff affected will be informed in the next few months and relocations will depend on where clients are based, according to a company memo seen by Reuters.

Separately, the Swiss bank said in its annual report on Friday that it will merge UBS Limited, its British entity, into UBS Europe SE, its German headquartered European bank, in the absence of a transition deal between Britain and the EU.

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UBS plans to shift some staff to Frankfurt after Brexit - memo

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