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Speaking to Bloomberg TV at the World Economic Forum in Davos, UBS’s investment banking head Andrea Orcel said the Zurich-based bank wanted to keep “as much as we can in the UK”.
The bank favours having a strong European financial centre to “balance” New York, Mr Orcel said, adding that global banks had clustered in London historically to save costs and were reluctant to move out.
However he warned that “everybody has a plan on how to redeploy and relocate” staff and said banks needed to see progress on Brexit trade talks - including an agreed transition period - by March at the latest.
Mr Orcel said: “Now we are beyond maximum time so all investment banks need to take a view and need to start executing, so March is really the deadline”. [...]