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 ba...
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