Bank u-turn over Brexit job losses ...

A TOP investment bank has reversed its plan to slash 1,000 City jobs after Brexit – following U-turns by other finance firms.

UBS had repeatedly warned it would seriously scale back its 5,000- strong London workforce as we leave the European Union.

But in a major climbdown yesterday, the Swiss firm’s boss Sergio Ermotti said relocations are looking ‘ more and more unlikely’.

Speaking as UBS unveiled profits of £1.1billion for the three months to September 30, Mr Ermotti said: ‘ The 1,000 job moves are becoming in the last few months more and more unlikely because we got some regulatory and political clarification about what we need to do.’

He added that the bank is now aiming ‘to keep as many people as we can in London.’

A new report by US bank Goldman Sachs showed Britain’s economy remains robust, contradicting doom-mongering economists who backed Project Fear.

It is also pushing ahead with building a new office in London – the size of 17 football pitches – to accommodate 6,000 staff.