UBS London Operations to Stay Put for Time Being

The Swiss bank’s chairman said it will not change its London operations any time soon.

Swiss lender UBS has announced that it will not make any changes to its London operations any time in the near future as a result of Britain’s vote to leave the European Union, according to a Reuters report.

Axel Weber, the bank’s chair of its board of directors, said: “We are not planning to change anything any time soon and we will wait and see where the dust settles”.

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The former head of the Bundesbank added that he expected the Brexit process to stir up further volatility going forward and that all key decisions will be made in the final stages of negotiations.

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Brexit

The repercussions of Brexit are still being felt, both for UK-based lenders as well as other banks operating in the UK. Goldman Sachs is one such bank which has considered moving some of its assets out of the UK and into Frankfurt, one of the main commercial hubs on the European continent. Other banks have also investigated similar strategies in the aftermath of Brexit.

Job Cuts

In what has been a turbulent year for many banks, UBS announced earlier this month that several dozen jobs were being cut across its private banking segment, which followed a previously announced restructuring of its flagship wealth management unit.

Back in September UBS also relocated a total of 56 back-office jobs from its Luxembourg branch to its office in Wroclaw, Poland, as part of the bank’s cost-cutting strategy as it seeks to restore profitability.

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