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UBS warns over lack of Brexit clarity with plans to shift UK operations 

UBS has flagged the risks of the UK failing to secure a transition deal as it leaves the European Union, with the Swiss investment bank saying it will shift operations out of the UK because of a lack of clarity about what Brexit will look like.
The bank used its annual report to say it will make “potentially significant changes” to its UK and European operations as a result of Brexit. UBS currently employs about 5,000 people in Britain and in January as it presented its full-year results it said it would begin “implementation of contingency measures in early 2018” in preparation for Brexit.
The annual report provided further detail of its plans. UBS said that “in the absence of adequate transition relief being agreed and passed into law by the UK and the EU” it expects to merge its UK bank into its German-headquartered operation ahead of Britain leaving the trade bloc next March.
UBS warns over lack of Brexit clarity with plans to shift UK operations 

Axel Weber, chairman of UBS, has warned of the risks posed by Brexit previously

Credit:
Bloomberg
It added: “We further anticipate that some staff would be relocated as a result; the exact number of staff and roles would be determined in due course. The timing and extent of the actions we take may vary considerably depending on regulatory requirements and the nature of any transition or successor agreements with the EU." 
The shake-up will result in UBS moving its European Economic Area (EEA) investment bank operation from London to EU locations. It is understood that UBS’s UK wealth management, asset management and non-EEA investment bank business will stay in the UK Britain.
It is thought that 200 roles could be shifted from London to Europe as risk management and support jobs are relocated, far fewer than initial estimates that one in five UK positions could go across the Channel.
However, the impact of Brexit on the UK’s banking industry has caused concern in the City about its future and ability retain its position as a leading financial centre.
The Bank of England and consultancy EY have warned that as many as 10,000 City jobs could go by March next year without a Brexit trade deal.
City bosses and the UK Government are pressing the EU for a Brexit trade deal that includes financial services.
Axel Weber, chairman of UBS, was among the finance bosses making the case at a summit with Prime Minister Theresa May and Chancellor Philip Hammond at Number 10 in January. 
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