UBS Chief Executive Sergio Ermotti told CNBC that the Swiss bank may consider moving parts of its London branch to several European destinations over the next few months due to Brexit.
Ermotti said that while Switzerland's largest lender had been preparing contingency plans for Brexit since before the EU referendum had taken place, the bank had now started "narrowing down" its options.
"We do believe that by the end of summer or early part of Q4, we will need to further narrow down the options and start to implement some of these moves. (This) will indicate — maybe — the necessity to move people and also to reshape our legal entity construct in order to be able to serve clients," he said.
More than a year after British citizens voted to leave the EU, the world's biggest banks are considering alternative locations for their London operations.
Several European destinations are competing against rival banking hubs as swathes of financial services workers appear poised to move out of London due to the Brexit fallout.
When asked whether Frankfurt would be the most likely location for UBS post-Brexit, Ermotti replied, "Frankfurt is a location of choice… There are different other locations that could come into consideration. I think about Amsterdam, I think about Madrid in different shapes or forms."