Brexit

FT/Sky News wrote:UBS says London Brexit exodus ‘more and more unlikely’

Threat to 1,000 UK jobs recedes after ‘regulatory and political clarifications’, says chief

The head of Swiss banking giant UBS says its "worst case scenario" of having to shift 1,000 jobs out of London due to Brexit is now looking unlikely.

Chief executive Sergio Ermotti said it planned to tell UK staff "in the next few weeks" where it would move positions as it plans for Britain's departure from the European Union.

UBS had warned earlier this year that as many as 1,000 of its 5,000 positions in the capital might have to move.

But Mr Ermotti told reporters on Friday that this number had in recent months become "more and more unlikely" since there had been "more regulatory and political clarification about what we need to do".

Mr Ermotti said that UBS already has all of the licences it needs in its EU bank in Frankfurt to continue all its EU businesses after Brexit. “Our target is to keep as many people as we we can in London,” he stressed.

The comments come at a time UBS reports a 14% rise in net profit for the third quarter to 946million Swiss francs.

lex-man wrote:Apparently the EU have launched a website to counter myths about it. Well it's worked so well for McDonalds.

https://www.economist.com/blogs/graphic ... y-chart-15

KK wrote:

FT/Sky News wrote:UBS says London Brexit exodus ‘more and more unlikely’

Threat to 1,000 UK jobs recedes after ‘regulatory and political clarifications’, says chief

The head of Swiss banking giant UBS says its "worst case scenario" of having to shift 1,000 jobs out of London due to Brexit is now looking unlikely.

Chief executive Sergio Ermotti said it planned to tell UK staff "in the next few weeks" where it would move positions as it plans for Britain's departure from the European Union.

UBS had warned earlier this year that as many as 1,000 of its 5,000 positions in the capital might have to move.

But Mr Ermotti told reporters on Friday that this number had in recent months become "more and more unlikely" since there had been "more regulatory and political clarification about what we need to do".

Mr Ermotti said that UBS already has all of the licences it needs in its EU bank in Frankfurt to continue all its EU businesses after Brexit. “Our target is to keep as many people as we we can in London,” he stressed.

The comments come at a time UBS reports a 14% rise in net profit for the third quarter to 946million Swiss francs.

Well isn't that good news.

Moggy wrote:UBS is a Swiss company. It makes sense for them to keep offices in the UK post Brexit as they’ll still have EU access from their European offices.

It’d be bigger news if the non-EU/EEA banks decide to stay based on the UK, rather than moving to the continent.

Return_of_the_STAR wrote:

Moggy wrote:UBS is a Swiss company. It makes sense for them to keep offices in the UK post Brexit as they’ll still have EU access from their European offices.

It’d be bigger news if the non-EU/EEA banks decide to stay based on the UK, rather than moving to the continent.

What I’ve yet to see clarification on is what do these companies have to do to obtain a licence to trade the euro? I believe that’s the central issue as I keep hearing that London will likely lose its euro passport and that’s why banks will move. If it’s the case that they have to be in the EU to trade the euro then can it just be a very small operation with the majority of staff still working in London or do you officially have to move you head office? The reactions from the banks/financial service providers all seem very different.

KK wrote:

FT/Sky News wrote:UBS says London Brexit exodus ‘more and more unlikely’

Well isn't that good news.

The key players include Liam Fox, a man who looks like he could finish a steak while looking at footage from Hiroshima;

David Davis, Sid James after a This Morning makeover and a half-hearted tilt at therapy.

The EU is probably broadly supportive of May. It’s good to have a weak, embattled PM, as the less capable they look of being able to handle negotiations, the greater the domestic panic and the easier it will be to justify a divorce bill to the public. It seems that everybody wants Theresa May to be prime minister, with the exception of a majority of the electorate, and herself.

Brexiters have always been keen on rooting out heretics. Jacob Rees-Mogg called the Bank of England governor, Mark Carney, “an enemy of Brexit”. Rees-Mogg’s other enemies include the Jacobites, the concept of Progress and Velcro. Rees-Mogg is an imperial C-3PO, PG Wodehouse’s flirtation with fascism given physical form, and it’s tempting to write him off as one of those broad characters who arrives late in the life of a dying sitcom. Yet he serves a sinister purpose: as an outlier to provide a context in which Johnson seems a plausible prime minister. Many voters are complacent about Rees-Mogg, maybe because they feel like any minute now he’s going to be arrested by Poirot.

Philip Hammond is incredibly dull even for a chancellor of the exchequer. It’s only the red box that lets you know you’re not looking at a black-and-white photograph.

Then again, the bulk of the cabinet are so grey that when Theresa meets them she must feel like Dorothy before the twister hit. May herself cuts a comparatively rakish figure in makeup that looks like it was applied by a colour-blind embalmer and that big shiny neck chain that makes her look like the worst prize on a hoopla stall run by the Wu-Tang Clan

https://www.theguardian.com/commentisfr ... rexit-team

twitter.com/ThatTimWalker/status/925459546293891072

Hexx wrote:

twitter.com/ThatTimWalker/status/925459546293891072

The Electoral Commission says it is investigating whether ex-UKIP donor Arron Banks broke donation rules during the EU referendum.

The probe will look at whether the Leave.EU chairman broke the rules over donations or loans made to campaigners.

It will also look at Better for the Country Ltd, a company of which Mr Banks is a registered director.

http://www.bbc.co.uk/news/uk-politics-41829107