Swiss bank UBS is weighing whether to move its banking jobs in London to Frankfurt, Madrid or Amsterdam in the wake of Britain’s planned departure from the European Union, Chief Executive Sergio Ermotti said in an interview with CNBC Monday, according to a Reuters report posted on Business Insider.
UBS will make its decision by the end of the summer or the early part of the fourth quarter, Ermotti said, according to Reuters.
UBS has about 5,000 employees based in London, long considered Europe’s financial capital. But with Britain’s plan to leave the European Union, many firms there are contemplating how to shuffle jobs so that they can still maintain access to the EU.
According to the Reuters report, financial services firms need a regulated subsidiary in an EU country to offer products across the bloc, which means some are looking to move jobs out of Britain if it loses access to the European single market.
Frank Kalman is Talent Economy‘s managing editor. To comment, email email@example.com.