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Swiss bank could slash London jobs over Brexit

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Swiss bank could slash London jobs over Brexit
Sergio Ermotti, head of UBS, made the comments in an interview. Photo: Michael Buholzer/AFP
08:19 CEST+02:00
Britain's decision to leave the European Union could see UBS slash nearly a third of its employees from the London office, the head of the Swiss banking giant said in an interview to a Japanese publication.

"We currently employ more than 5,000 people in London and probably 20 percent to 30 percent of our workforce could be affected," Sergio Ermotti was quoted as saying by the Nikkei Asian Review on Wednesday.
   
London serves as the headquarters for UBS's European operations.
   
However the head of the leading Swiss bank said it was too early to predict the outcome of the talks on the terms of Britain's exit which could possibly see London maintain its access to the EU market.
   
Ermotti said that UBS believes that after Britain's exit from the EU "...London will continue to be an important financial centre, although maybe not as important as it is today".
   
Contacted by AFP, UBS confirmed the Ermotti's statements but declined to comment.

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