UBS CEO On Brexit – “More And More Unlikely” It Will Move 1,000 Jobs Out Of London

With Brexit negotiations still at a delicate stage, here’s the first bit of good news for the City of London in some time…

As The Telegraph reports, the boss of Swiss bank UBS has said plans to move 1,000 jobs from London as a result of Brexit are now looking “more and more unlikely”.
Chief Executive Sergio Ermotti said the banking giant’s fear of losing a fifth of its 5,000-strong UK workforce in the wake of the vote to leave was now unlikely to materialise following some “regulatory and political clarification about what we need to do”. The bank joined some of its rivals in predicting a mass exodus from the City earlier this year over concerns that a so-called hard Brexit in March 2019 would mean thousands of UK-based firms reliant on ‘passports’ to service clients in the EU would lose that right overnight.

This post was published at Zero Hedge on Oct 28, 2017.

 

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