'Brexit' would not undermine London as leading financial hub says UBS Chairman Axel Weber
If the UK were to leave the European Union (EU), it would be unlikely to be a major blow to London's status as a leading financial hub, said UBS Chairman Axel Weber, in comments made at an event hosted by the Wall Street Journal. While it would be more challenging to get market access, he added that Britain would probably be able to negotiate a deal to provide it with continued access to the EU's single market. If the so-called 'Brexit' were to happen, he stated further that UBS probably would not immediately seek to move its UK operations and would instead "wait for the dust to settle" and see what kind of deal the British government was able to negotiate. British Prime Minister David Cameron has pledged to hold a referendum on the UK's membership of the EU by the end of 2017.

EU referendum: UBS chairman Axel Weber says Brexit wouldn’t undermine the City

UBS chairman Axel Weber dismissed concerns about Britain leaving the European Union this morning, saying that a so-called Brexit was unlikely to be a big blow to London’s status as a leading financial hub.

“I don’t think it would completely undermine the financial sector of London," Weber said, adding that he thought a Britain outside the European Union would be able to negotiate a deal giving it continued access to the EU’s single market.

“I think there would be two years of heightened uncertainty but pretty much the same rights for market access,” he said.

Weber added that while Brexit could raise short-term risks for the City, it was unlikely to prompt the Swiss bank to look to move its UK operations.

UBS would instead “wait for the dust to settle” and see what kind of deal the British government was able to negotiate, Weber said.

UBS employs about 5,000 people in Britain in its investment banking and wealth management businesses.

Weber made his comments at a Wall Street Journal event in London.