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International banks may be forced to make “bigger plans” to move operations from the UK after Brexit if the UK does not do more to help them, UBS chief executive Sergio Ermotti warned.

“I do see the danger of people being forced to [make] bigger plans,” Mr Ermotti told reporters. “Our goal is to keep as many people in the UK as possible… It’s up to the UK government to come up with pragmatic ways (for us) to do that.”

He reiterated previous comments that UBS would take a final decision on its Brexit strategy by “the end of summer, the beginning of fall”. The bank has previously said it might have to move 1,500 staff out of the UK because of Brexit.

Earlier this week, Deutsche Bank warned that Brexit could prompt it to move as many as 4,000 jobs from London to Frankfurt.

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