August 2, 2018
ZURICH (Reuters) – Credit Suisse <CSGN.S> is increasing its investment banking assets in Frankfurt as it builds up a hub there ahead of Britain’s exit from the European Union next year.
In its quarterly report this week, Switzerland’s second-biggest bank said it had approved moving around $200 million worth of assets linked to its German unit to its investment banking and capital markets division from its strategic resolution wind-down unit.
The move came “after a business reassessment in connection with our planning relating to the withdrawal of the UK from the EU”, it said.
A spokesman declined comment on a Financial Times report that the bank would likely move around 50 investment bankers to Germany from its London headcount of 5,500.
Credit Suisse is also moving around 50 bankers to Madrid from London.
With an October deadline on the trading relationship between Britain and the EU, banks are losing hope that they will be able to retain “passport” access to EU financial markets and have started implementing contingency plans.
Credit Suisse was looking to relocate staff to multiple EU locations, a source said this week, adding that London will still play a role even after Brexit.
(Reporting by Angelika Gruber and Michael Shields; Editing by Adrian Croft)
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August 02, 2018 at 04:00PM
from One America News Network