Brexit: HSBC, UBS may shift 1,000 jobs each from UK

Davos, Switzerland

TWO of Europe's biggest banks warned on Wednesday that they could each move about 1,000 jobs out of London as they prepare for expected disruption caused by Britain's exit from the European Union.

UBS chairman Axel Weber said that about 1,000 of the Swiss bank's 5,000 employees in London could be affected by Brexit, while HSBC chief executive Stuart Gulliver said his bank will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris.