Come Brexit, whatever it may consist of and whenever it will happen, UBS will move some jobs to Frankfurt. In March 2018 a UBS source informed Reuters that up to 200 jobs would go. Last week, Financial News reported that 64 employees were moving to Frankfurt from London. And now, UBS has begun advertising some revealing Frankfurt jobs.
The Swiss bank has just posted a Frankfurt job advert for employees to work in a new centre for Compliance & Operational Risk Control (C&Orc) based in the German city. The roles in question are for compliance and risk professionals to work across equities, foreign exchange, rates and credit, and 'corporate client solutions' (capital markets, structuring, leveraged finance). The implication is that UBS will have all this and more in its Frankfurt office.
UBS didn't respond to a request to comment on its new German jobs. However, the existence of jobs for new compliance and risk professionals in Frankfurt suggests the bank is preparing to add staff in related areas to its local markets and solutions businesses. This will be a big change from the past. In 2017, UBS's Frankfurt-based entity 'UBS Europe SE' only employed 42 bankers in Frankfurt. This number is now expected to increase rapidly. UBS has even recruited its own Frankfurt recruiter - Aleksandar Rakovic from Robert Walters to handle the new hires.
So far, many of the jobs advertised in Frankfurt have been for middle and back office staff to set up new businesses. UBS still seems to be at this stage. Barclays, however, began advertising around a dozen Frankfurt-based trading roles in August 2018.
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