UBS Group AG could move investment bankers to Madrid from London in the wake of Brexit, Bloomberg News reported Jan. 19, citing "a person with knowledge of the matter."
According to Spanish newspaper Expansion, the bank is in talks with Spain's government regarding moving its i-banking unit for the EU to the Spanish capital, which would involve relocating around 300 jobs, the newswire reported. A decision is likely to be made by the summer.
"We still have flexibility to decide where to go but we will definitely have to move," Andrea Orcel, UBS' investment bank head, told Bloomberg.
UBS, HSBC Holdings Plc and Goldman Sachs Group Inc. are among firms set to relocate thousands of jobs from London as fears about losing passporting rights after Brexit grow.
UBS' investment bank has about 5,000 employees globally, mainly in New York and London, the report added.