Credit Suisse to Shift Prime Broker Staff to Dublin From Londonby and
Swiss bank is first non-EU lender to get Irish branch approval
Bank said to consider moving 100 people, 40 of them traders
Credit Suisse Group AG will make Dublin its primary hub for servicing hedge funds in Europe and move staff from London, saying it was attracted by the efficiencies of operating in the Irish capital as Chief Executive Officer Tidjane Thiam shrinks the unit.
The Zurich-based lender plans to relocate prime brokerage, prime financing and securities-lending operations to Dublin after receiving approval from the nation’s central bank to establish a local branch, Sofia Rehman, a Credit Suisse spokeswoman, said in an e-mail. The bank may move about 40 traders and some 60 back-office staff as part of the shift, according to a a person familiar with the matter.
Thiam, who took the top job earlier this year, is overhauling securities trading in a bid to boost returns for shareholders and meet tougher capital requirements. As part of his restructuring, the CEO plans to eliminate as many as 2,000 positions in London, while scaling back operations in prime services by the end of the year.
The Irish capital “will become the primary hub for prime services business within Europe,” Rehman said. “Dublin offers an attractive operating environment for our business from the perspective of talent pool, infrastructure and efficiencies.”
Switzerland’s second-biggest bank is the first non-European Union lender to gain authorization to operate a branch in Ireland, Steven Cull, a spokesman with the central bank in Dublin, said by e-mail. Before 2013, non-EU banks had to set up as full subsidiaries in Ireland, directly regulated by Irish authorities.