Credit Suisse to Terminate 250 positions in London due to Brexit

Credit Suisse plans to move about 250 banker jobs out of London under its first phase of Brexit planning, according to reports.

Employees in areas such as trading and mergers and acquisitions were likely to be relocated to Frankfurt or Madrid, Bloomberg reported.

The Swiss bank employs about 5,500 staff in London.



A spokesman said Credit Suisse “continued to investigate its options”.

According to Bloomberg, the bank had considered relocating staff to Paris but backtracked after holding talks with local regulators and government officials.

Credit Suisse is one of the biggest investment banks in London.

It is one of the few European banks yet to announce contingency plans for Britain’s departure from the European Union.

Deutsche Bank has said it will move an unspecified number of jobs to Frankfurt, as well Milan and Paris.

HSBC and UBS have also said they would relocate roles, while last month Goldman Sachs said its contingency planning was reaching the point of no return.

Earlier this month, Credit Suisse chairman Urs Rohner suggested banks would have to trigger their contingency plans within two or three months due to a lack of clarity over Brexit negotiations.

A spokesman for the bank said: “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.”

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza