Credit Suisse Group AG reportedly plans to shift roughly 250 investment banker roles out of London as part of the first phase of its Brexit planning.
"Two people with knowledge of the matter" told Bloomberg News that Credit Suisse is looking to move some staff in areas such as M&A and trading to either Frankfurt or Madrid. The bank is said to have previously considered relocating staff to Paris but had gone off the French capital after holding talks with regulators and government officials.
Credit Suisse, which is one of the biggest investment banks in London, is among the few European lenders yet to announce Brexit contingency plans, Bloomberg reported Feb. 26.
Earlier in February, Chairman Urs Rohner said banks should kick-start their contingency plans for Britain's departure from the EU within the next two or three months because of the lack of clarity over the possible outcome of the Brexit negotiations.
"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 lender reportedly said.
Fellow Swiss lender UBS Group AG said in January that it intends to start implementing its Brexit contingency measures in early 2018. The bank was earlier reported to be leaning toward setting up its EU trading hub in Frankfurt.
Germany's Deutsche Bank AG on Feb. 21 unveiled plans to move its primary global booking hub for corporate and investment bank clients to Frankfurt from London over the course of 2018, unless a transition deal between the U.K. and the EU is agreed.