UBS is mulling creating a back office hub in Frankfurt with client-facing staff based in various locations across the European Union as part of its Brexit contingency planning.

The Swiss bank is among those trying to work out how to keep operating across the bloc after the UK leaves the European Union. Many have already started putting plans in place. Goldman Sachs's chief executive Lloyd Blankfein recently said the US bank had started moving or hiring people to its new Frankfurt offices and transitioning contracts from UK to German law.