Brexit: UBS plans to land in Frankfurt

UBS is mulling over shifting its trading headquarters from London to Frankfurt inside the European Union (EU), post Brexit, as Bloomberg report.

The Swiss firm’s investment bank employs about 4,800 bankers globally and could move 250 or more jobs out of London to Frankfurt and other European locations, two of the people briefed on the deliberations said, asking not to be identified as the talks are private.

Though nothing has been finalized yet, talks are on. According to people familiar with the matter, the bank, which currently employs 4800 people worldwide, informed the German regulator about the rise in business in Frankfurt. However, UBS is yet to confirm the same.

Post Brexit, Britain is likely to lose the “passporting rights,” which enable international banks to open branches and conduct business easily in any part of the European territory after the initial process of registration is over. 
Frankfurt has emerged as the biggest winner in the fight for London-based investment-banking jobs that may have to be relocated to new hubs inside the EU in preparation for the UK’s exit in 2019. Standard Chartered, Morgan Stanley and Nomura are all expanding their presence in the city.

Chief executive Sergio Ermotti said earlier this year that Frankfurt was “a location of choice,” and that he was also considering locations including Amsterdam and Madrid, adding that he will make a decision by the end of summer.