EU referendum: UBS chairman Axel Weber says Brexit wouldn’t undermine the City
UBS chairman Axel Weber dismissed concerns about Britain leaving the European Union this morning, saying that a so-called Brexit was unlikely to be a big blow to London’s status as a leading financial hub.
“I don’t think it would completely undermine the financial sector of London," Weber said, adding that he thought a Britain outside the European Union would be able to negotiate a deal giving it continued access to the EU’s single market.
“I think there would be two years of heightened uncertainty but pretty much the same rights for market access,” he said.
Weber added that while Brexit could raise short-term risks for the City, it was unlikely to prompt the Swiss bank to look to move its UK operations.
UBS would instead “wait for the dust to settle” and see what kind of deal the British government was able to negotiate, Weber said.
UBS employs about 5,000 people in Britain in its investment banking and wealth management businesses.
Weber made his comments at a Wall Street Journal event in London.