UBS, which is a leading banking company hailing from Switzerland has decided that it is time to face the coming Brexit fallout ahead of time and completely withdraw from the island nation. The banking giant has been given the approval to take out more than EUR 32 billion out of the UK. That is a serious hit to the country’s economy, no matter how rich it is.
This type of sentiment has been going on for a very long time in the UK. Companies just cannot face the upcoming tension and uncertainties that Brexit will cause. Therefore, without having to risk it all, they simply withdraw from the country. Banks in the UK have been extra anxious about the losses, which is illustrated by the UBS withdrawal. All that remains to be seen is if this will cause a domino effect. (Read more)