Credit Suisse Group AG will cut 1,500 jobs in London by 2018-end, Reuters reported June 8, citing "a person familiar with the matter."

The Swiss bank struggled to make a profit from its London operations because of high bonuses and the cost of doing business in the British capital, an unnamed Credit Suisse executive told the newswire, adding that Brexit encouraged the lender to take action.

The bank previously employed over 9,000 staff and contractors in London before it started cutting jobs there, with the planned job cuts reported by Reuters taking the headcount to about 5,000.