By Tom Fairless
FRANKFURT--New York City will be the main beneficiary from Britain's decision to leave the European Union, as banks and corporations relocate across the Atlantic, UBS Chairman Axel Weber said Wednesday in Frankfurt.
Cities across Europe, from Dublin to Frankfurt, have been competing to lure financial-services firms from London in the wake of 2016's Brexit vote. Banks are considering moving staff to mainland Europe to ensure they can continue to sell services to EU customers.
UBS plans to move between 1,000 and 1,500 of its 5,500 London-based staff to the continent and is looking at alternative cities to locate employees, Mr. Weber said.
He said all European financial centers, except for London, would benefit from Brexit, with South American banks focusing on Madrid and other banks focusing on Frankfurt, for instance.
However, "the main beneficiary of Britain leaving the EU will be New York," as banks and European corporations seek a U.S.-market listing, Mr. Weber said.
"London as a listing location for European corporates will suffer as New York benefits," he said at a financial conference.
-Write to Tom Fairless at [email protected]
He's at a financial conference in Frankfurt. They're considering alternative cities to London to locate staff
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