UBS has confirmed long-standing rumours that it is to relocate its London foreign exchange (FX) trading operation back to Zurich. According to a spokesman at the bank, the move will affect 60 staff working in its spot, derivative and emerging market areas. The spokesman said that the relocation, which will not result in any redundancies, will also affect all front office support and IT staff. The move is scheduled to take place in August.
Lee Oliver,
April 28, 2006