Credit Suisse to Move 250 Investment Bankers in First Brexit ShiftBy
Swiss Bank said to sour on Paris as possible Brexit location
Lender is said to be focused on cities of Madrid and Frankfurt
Credit Suisse Group AG plans to move about 250 investment banker positions under the first phase of its Brexit planning, according to two people with knowledge of the matter.
Some employees in areas such as trading and M&A will most likely begin relocating from London to either Frankfurt or Madrid after the bank soured on Paris as an option, the people said, asking not to be identified as the plans are private. The bank backtracked on the French capital after discussions with local regulators and government officials, the people said. Positions not filled with relocations will lead to local hires.
Credit Suisse is one of the few European lenders still to outline plans for its London-based operations after the U.K.’s withdrawal from the European Union. Deutsche Bank AG last week became the first large bank to start the wholesale relocation of client business out of the U.K. While Credit Suisse has scaled back trading to focus on wealth management, it remains one of the biggest investment banks in London, employing bankers in areas including derivatives, equities and advisory services.
Chairman Urs Rohner said in Brussels earlier this month that banks need to activate their contingency plans on Brexit within the next two or three months due to a lack of clarity over the outcome of the Brexit negotiations. Swiss rival UBS Group AG is also leaning toward Frankfurt for its EU trading hub, people familiar with the matter previously told Bloomberg.
“Credit Suisse continues to investigate its options as to the best way to maintain access to EU clients and markets by leveraging existing infrastructure in the event of a Hard Brexit,” a spokesman for the bank said, declining to comment on further details of the plan.
— With assistance by Steven Arons