UBS chief expresses doubt over London operations post Brexit

Sergio Ermotti, the chief executive of Swiss banking group UBS, has said that he is uncertain of the direction the company's London office will take after Britain's formal exit from the European Union.

The bank employs around 5,000 staff at its London office, and has previously said that a significant percentage of its employees may have to be moved if Brexit came to fruition.

In an interview with Japanese business newspaper Nikkei, Ermotti said that the number of jobs moved could be "20% to 30%".

"We currently employ more than 5,000 people in London, and probably 20% to 30% of our workforce could be affected," Ermotti said.

"We believe that London will continue to be an important financial centre, although maybe not as important as it is today," he added.

Many major banks from the EU and further afield are sweating over the loss of "passporting", the ability of banks to freely sell services and products across the bloc.