Where to for Credit Suisse bankers post-Brexit? Some say Frankfurt, Madrid and Luxembourg
Switzerland’s second-biggest bank says it has approved moving assets worth about $200m to its investment banking and capital markets division in Germany
Zurich — Credit Suisse looks likely to move about 50 investment bankers to Germany, 50 to Spain and up to 150 more to other EU hubs including Luxembourg, in the event of a hard exit by the UK from the bloc, sources close to the matter said.
So far, Switzerland’s second-biggest bank has declined to put a figure on the number of bankers it plans to move out of London from its headcount there of roughly 5,500, saying discussions continue, but it has named Frankfurt, Madrid and Luxembourg as post-Brexit hubs.
"Credit Suisse is working to maintain access to EU clients and markets by leveraging our existing infrastructure in the event of a hard Brexit," a spokesperson for the bank said on Thursday, referring to a disorderly or no-deal exit.
"Discussions with relevant regulators, employees and key stakeholders remain ongoing, but our solution will involve multiple locations, including Madrid, Frankfurt and Luxembourg."
This week, Credit Suisse also disclosed plans to increase investment banking assets in Frankfurt.
In its quarterly report the lender said after "planning relating to the withdrawal of the UK from the EU", it had approved moving assets worth about $200m to its investment banking and capital markets division in Germany.
With an October crunch point in talks on the future trading relationship between Britain and the EU, banks are pushing ahead with opening or expanding hubs in the EU to avoid disruption to customer services if the UK leaves the bloc in March with no transition deal.
The Swiss bank was in the process of notifying London-based staff about the moves that would affect its main divisions, namely investment banking, wealth management and asset management, a source said this week.
London would remain a key part of the bank’s footprint even after Brexit, it said.