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Report: Credit Suisse Brexit strategy shifts from Ireland toward Germany, Spain

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Report: Credit Suisse Brexit strategy shifts from Ireland toward Germany, Spain

Credit Suisse Group AG has curtailed its plans to expand its Irish hub as part of its post-Brexit preparations, the Irish Independent reported,

The group now plans to move most jobs to Germany and Spain instead, as part of its Brexit contingency planning, sources familiar with Credit Suisse's local operations told the newspaper.

Credit Suisse had earlier planned to increase staff numbers in Ireland by 300 concentrate more business lines in the country, the newspaper reported.

It has, meanwhile, identified a new CEO of its Dublin investment bank branch, after Manish Vekaria quit in 2017, the newspaper said, citing unnamed sources. The new hire will be revealed within the next few weeks.

Jeff Jennings, the London-based head of European prime services, said the group would also hire a permanent COO in Dublin. Its plans for a "multi-location solution" in the event of the U.K. crashing out of the European Union, remain unchanged, he said.