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(Bloomberg) -- UBS Group AG will start the process of moving London-based employees to expanded offices inside the European Union early next year.

The Swiss firm already has a trading hub in Frankfurt, but will relocate employees across the region, UBS Chief Executive Officer Sergio Ermotti said in a Bloomberg TV interview on Friday, adding in a conference call that it will make a decision on where it will move people in the next few weeks.

“There’s a big difference between where we domicile our legal entity, which is currently in Frankfurt," and where you move all your people, Ermotti said. “Within Europe you can branch out into different locations."

Ermotti said the bank has asked employees which city they would like to relocate to, but won’t disclose the results of the survey.

To contact the reporters on this story: Gavin Finch in London at gfinch@bloomberg.net, Manus Cranny in London at mcranny@bloomberg.net.

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Ambereen Choudhury at achoudhury@bloomberg.net, Andrew Blackman

©2017 Bloomberg L.P.

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