Swiss lender UBS Group AG will take a "decentralized" approach toward relocating employees amid Britain's exit from the EU, with most of the affected jobs moving to Frankfurt, Reuters reported, citing "a source familiar with the matter."
Affected employees will be informed about the relocations in the coming months, and despite most staff transferring to Frankfurt, job moves will still depend on client locations, Reuters said, citing a memo whose contents were reportedly confirmed by a UBS spokesman.
Earlier, U.S.-based Goldman Sachs Group Inc. also reportedly told some London-based employees to prepare for a move to the German city within weeks. Frankfurt and Paris have been tipped to become the EU's main financial center when Britain leaves the bloc.
