UBS has received “regulatory and political clarifications” that make it “more and more unlikely” that the bank will end up in its worst case scenario of moving 1,000 jobs from London after Brexit, chief executive officer Sergio Ermotti said on Friday.

“We are finalising our plan on where to move people that needs to be moved over the next …one to three years depending on the outcome of this political discussions and negotiation,” Mr Ermotti told reporters.

“The 1,000 you mentioned…is becoming in the last few months more and more unlikely…because we got also some 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.

UBS has around 5,000 staff in London. In January, chairman Axel Weber warned that as many of a fifth of them might have to move as a consequence of Brexit.

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