March 9, 2018 / 8:39 AM / in 7 months

UBS informs staff about Brexit relocation plans in memo -source

LONDON, March 9 (Reuters) - Swiss bank UBS has told employees in a memo that it will take a ‘decentralised’ approach to relocating staff following Britain’s decision to exit the European Union, with the majority of those affected moving to Frankfurt, a source familiar with the matter said on Friday.

Staff affected will be informed in the next few months, and while relocations will depend on where clients are, the bulk of the moves will be to Frankfurt, according to the source who has seen the memo.

A spokesman for UBS confirmed the contents of the memo. (Reporting By Lawrence White, Sinead Cruise and Hans Seidenstuecker, editing by Huw Jones)

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