The head of UBS’s investment bank has warned that it needs a Brexit transition deal to be agreed by March or there will be a significant shift out of the UK.
“Definitive decisions will need to be made [on moving people out of London] in the first quarter if we don’t have definite guidance on a transition period by then,” said Andrea Orcel. “The transition period is critical,” Mr Orcel said.
Investment banks have stepped up their announcements about shifting activities out of the UK since the Bank of England in April called on them to submit their plans for coping with the worst-case scenario of a hard Brexit, which severs their access to EU clients.
