UBS chooses Frankfurt as post-Brexit EU headquarters and prepares for no trade deal

Swiss bank UBS has chosen Frankfurt as the base for its EU operations after Brexit, chief executive Sergio Ermotti said on Monday. UBS decided on the German financial centre a few weeks ago and had been forced to prepare for a no-deal Brexit, Mr Ermotti told Bloomberg TV. “The financial system is already operating on the assumption that there is no agreement,” between the UK and EU, Mr Ermotti said.