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UBS plans to move its business in London to Madrid, Amsterdam or Frankfurt

The UBS bank plans to move its business in London to other cities such as Madrid, Amsterdam or Frankfurt, ahead of the future exit of the United Kingdom from the European Union (EU), one of the responsible for the Swiss entity.

Geneva, September 13 (EFE) .- The UBS bank plans to move its business in London to other cities such as Madrid, Amsterdam or Frankfurt, before the future exit of the United Kingdom from the European Union (EU) "It's all on the table, but these three cities are in trouble," the president of Bloomberg told Reuters in an interview with Bloomberg TV. UBS Investment Banking, Andrea Orcel.

"Each investment bank, each financial institution that is affected by this (the" brexit ") is currently working on different scenarios because it is very difficult to implement a strategy if you do not know how much time you have, "he explained.

According to Orcel," It's different if you have a year or three. transient, yes or no? workers are willing to relocate.

If they were not, they could choose another bank that, in their opinion, opts for a better location or for leaving the sector, Orcel argued that if there are not enough employees who want to move, they will have to be replaced and we must see if the city chosen to move the bank, whether it is Frankfurt, Amsterdam or Madrid, can bring the "talent" in the local market.

In case the workers accept to move, it must be guaranteed that the new location can provide the housing, and the necessary schools, he added.

"Can a city do this over a five-year period?

All these questions explain why UBS has yet to make a decision about its future in London.

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