Credit Suisse won’t follow its larger rival UBS to Frankfurt as it moves part of the operations away from London due to Brexit. It prefers the warmer climate, according to a report in the media.
Credit Suisse will move some 250 bankers from London to the Continent when the U.K. finally leaves the European Union, according to a report by «Bloomberg», which cited sources close to the move.
The management seems to favor Madrid as the new trading hub for the bank, said «Bloomberg». The bank also wants to place its European headquarters in the Spanish capital and has initiate talks to that end with authorities in the country. Frankfurt remains a second option for the company, with the final decision yet to be taken.
UBS Pressing Ahead
Credit Suisse told «Bloomberg» that it aimed to continue providing its service to customers even after a «hard» Brexit and therefore considered several European locations as potential alternatives. It will however retain a presence in the U.K. capital.
UBS by contrast has already started implementing its post-Brexit plans. The U.K. unit is being merged the new European business division, UBS Europe, and some 150 bankers may soon relocate to the Continent, most of which with Frankfurt as their destination.
