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.

The bank is planning for some job relocations, however, and is asking staff to rank their preferences.

While UBS has softened its stance on the number of jobs that are likely to move, it is still hashing out plans to protect itself. Mr Ermotti looked to soothe concerns for London staff on Friday by saying that it was his "target" to "keep as many people as we can in London". UBS is one of the last big banks to decide on where it might relocate people post-Brexit, with London staff last week asked to rank whether they would prefer to relocate to Amsterdam, Madrid or Frankfurt, sources told Reuters. "We are finalising our plan on where to move people that need to be moved over the next one to three years depending on the outcome of this political discussion and negotiation," Mr Ermotti said.

Paris is not an option, or Dublin, which would have been our top picks.

According to The Telegraph, UBS is not divulging what’s behind its change of heart.

It is unclear what reassurances the bank has received in the last few months that has made its earlier estimate for job moves seem unrealistic, with a spokesman for the bank declining to comment further. It is likely other banks have been sent the same message, with the finance industry making repeated demands for the Government to come up with a post-Brexit transition deal quickly so that firms have certainty over whether they need to move jobs and capital.

And, the paper tells us, the big winner from Brexit is…

However the head of lobby group TheCityUK said some of the damage was now irreversible, with institutions already pushing ahead with their plans to leave the City. Frankfurt, where UBS already has a licence, is emerging as a clear winner from Brexit. Wall Street giant Goldman Sachs recently signed a lease there that could house up to 1,000 staff, while Germany's financial watchdog has said it could see up to 20 more firms move over. 

Taking a potshot at Brexit via Twitter, Goldman's chairman Lloyd Blankfein recently tweeted:

"Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."

Lloyd, all we have to say is…have a great time.

Comments

To Hell In A H… Sat, 10/28/2017 - 13:21 Permalink

The bankster will reside where-ever the money is, set up head offices in nations that are militarily strong so that nation can enforce/do their bidding and a base themselves where-ever regulation is lax enough for them to commit fraud without repercussion. All this moving 1000+ jobs because of Brexit, is just bankster scare-mongering bullshit. 

Inthemix96 Sat, 10/28/2017 - 13:29 Permalink

At this delicate stage of brexit negotiations??Who writes this shit?  Its been sixteen fucking months lad, get a hold of yourself and give it a good shake you fool.In that time, a brand new governmental department of 16 people has been established with the top bloke, David Davies paid an astonishing wage of £155,000 a year, plus expenses, plus second home leading to, wait for it......  'The Department of Brexit'.  Read it again, and again, and again.You are a fucking fool if you believe for one second at all that voting changes, fuck all.  The fucking department for brexit?  They think you are brain dead folks, they think you be mushrooms, and they are pushing as hard as fuck for a public response, the department of brexit??I cannot in all seriousness, take bollocks as fraudulent as this seriously enuff?We aint leaving bitchez, who else would employ the right honourable david davis??;-)

Arrow2 Sat, 10/28/2017 - 13:58 Permalink

Paris is not an option, or Dublin, which would have been our top picks.Who is the "our" in this? ... Tyler?Frankfurt would not be so bad if Stamford (Lincolnshire) was moved there!

batalyst Sat, 10/28/2017 - 14:17 Permalink

UBS just spent half a billion on a new London headquarters. Of course they are not moving anyone. There are a few senior guys who would love to move HQ to Madrid though...they know who they are.

DEMIZEN Sat, 10/28/2017 - 14:32 Permalink

uk is a trojan horse in eu, juncker and co will find a way to push them out. there is no union without monetary union and all members should be given a few years to join emu or gave their memberships and access to emu markets voided. will probably be on putin merkel agenda next month.

bh2 Sat, 10/28/2017 - 16:21 Permalink

"Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."I lived in Frankfurt and nearby towns long ago. If this fool believes "great weather" is in the bargain, he's up for a very big disappointment.

vxpatel Sat, 10/28/2017 - 22:02 Permalink

if u know what an ominbus account is and what function a holding compnay plays, then eye know a company that is looking for part time concultants, or full time employees that pays mega bucks! 

BarkingCat Sun, 10/29/2017 - 01:35 Permalink

 >>>Goldman's chairman Lloyd Blankfein recently tweeted:

"Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."<<< Because Germans love Jews.That includes "traditional" Germans as well as the "new" Germans.Especially the "New" Germans, since they do not have any of the guilt.  The wheels of fate grind very slowly. 
el buitre Sun, 10/29/2017 - 20:22 Permalink

This UBS CEO shithead now realizes that the British Deep State will obstruct Brexit until:1) Hell freezes over2) The EU implodesLooks like #2 is on a much shorter time line.  But the Luciferian NWO has no plan B for their step by step agenda if the EU dies.  Like Prince Draghi says, "Whatever it takes."  Wonder if that includes a wooden stake through its heart?