UBS has pushed back plans to relocate up to 200 London-based employees to continental Europe, in order to avoid unnecessary expenditure while it waits for clarity on a Brexit trade deal.

The Swiss bank said in its 2017 annual report that it would begin implementing Brexit contingency measures — which include staff moves — in early 2018. But the moves are now likely to begin in the third quarter at the earliest, a person familiar with the matter said.