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"We currently employ more than 5,000 people in London, and probably 20 percent to 30 percent of our workforce could be affected," Ermotti said in an interview with Japanese newspaper Nikkei. "We believe that London will continue to be an important financial center, although maybe not as important as it is today."
Passporting, the ability of banks to freely sell services and products across the EU, is one part of negotiations between the U.K. and the trading bloc. Ermotti said UBS is “well prepared” for any outcome. The bank opened a new office building for its staff in London last month. [...]
Ermotti’s comments come a day after Lloyd’s of London Chairman John Nelson said his firm and other insurers will be forced to move part of their businesses if single-market access isn’t kept. Shortly before the referendum, Lloyd’s said that Brexit could put at least 34,000 jobs in the city’s commercial-insurance industry at risk. [...]