UBS is one of the last institutions on the list to give a warning that 30% of the UK workforce are at risk of losing their job places.

The Swiss bank announced that there is a possibility of 1,500 jobs being cut in the UK and transferred abroad owing to the aftermath of the EU referendum in June.

CEO Sergio Ermotti said that 20%-30% of the 5,000 workers in London might experience negative ramifications. The firm also employs 20,000 people in Switzerland.

In his interview to Nikkei, Ermotti said: “We believe that London will continue to be an important financial centre, although maybe not as important as it is today.”

According to the BBC report, the firm will change its location moving into new offices in the City of London which are rented for at least 18 years.

If passporting rules cannot be verified, UBS is the latest in a series of foreign-owned banks to moot plans to leave the City of London.

French banks BNP Paribas and Societe Generale, as well as US bank Morgan Stanley, have all prepared backup plans.

The City of London is said to be keeping on the radar a bespoke deal to trade with the European Union along the lines of the Swiss model, having quitted plans for universal access to the single market.

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