Swiss wealth manager UBS has said that its previous plan to shift 1,000 bankers out of London in response to Brexit is “more and more unlikely” as the regulatory and political picture becomes more clear.

This is a major departure from the group’s earlier contingency strategy where it said it may shift around a fifth of its 5,000 UK employees due to Brexit, which would result in Britain losing its passporting rights.

The bank’s CEO Sergio Ermotti has now said that his target will be to retain as many employees as possible in London, though no precise details were disclosed about the number of employees to be relocated.

“We are finalising our plan on where to move people that need to be moved over the next one to three years depending on the outcome of this political discussion and negotiation,” Ermotti told reporters.

UK Treasury spokesperson said: “The Chancellor has made it clear that it is his priority to ensure the UK remains the financial services centre of the world. We will continue to work closely with the City to negotiate a transitional arrangement which avoids unnecessary disruption, and allows firms to adjust in an orderly way to the new arrangements after Britain leaves the EU.”