UBS London Operations to Stay Put for Time Being

Swiss lender UBS has announced that it will not make any changes to its London operations any time in the near future as a result of Britain's vote to leave the European Union, according to a Reuters report.

Axel Weber, the bank's chair of its board of directors, said: "We are not planning to change anything any time soon and we will wait and see where the dust settles”.

The former head of the Bundesbank added that he expected the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term process to stir up further Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term going forward and that all key decisions will be made in the final stages of negotiations.

Brexit

The repercussions of Brexit are still being felt, both for UK-based lenders as well as other banks operating in the UK. Goldman Sachs is one such bank which has considered moving some of its assets out of the UK and into Frankfurt, one of the main commercial hubs on the European continent. Other banks have also investigated similar strategies in the aftermath of Brexit.

Job Cuts

In what has been a turbulent year for many banks, UBS announced earlier this month that several dozen jobs were being cut across its private banking segment, which followed a previously announced restructuring of its flagship wealth management unit.

Back in September UBS also relocated a total of 56 back-office jobs from its Luxembourg branch to its office in Wroclaw, Poland, as part of the bank’s cost-cutting strategy as it seeks to restore profitability.