Travel bans, cancelled parties and virtual festive gatherings — City firms are ripping up their Christmas plans in the wake of the new Omicron variant.

UBS is the latest bank to change course, curbing travel for its European dealmakers. The Swiss bank has told bankers in Europe to avoid business trips as a precaution, Financial News can reveal, as various European governments impose fresh restrictions. Switzerland now requires visitors from more than 20 countries to quarantine for 10 days upon arrival, while the UK, the US and other countries have tightened rules for arriving passengers.