Saturday 20 January 2018

Credit Suisse 'no closer' to choosing destination for expanding operations post-Brexit

Credit Suisse
Credit Suisse
Louise Kelly

Louise Kelly

Credit Suisse is 'no closer' to choosing a destination for expanding its operations following the UK's decision to exit the European Union.

According to sources close to the matter, Brexit negotiators at Switzerland's second largest bank are still considering a number of options as it prepares to move jobs out of London.

Credit Suisse created 100 jobs in Dublin when it launched a trading floor to service hedge funds in January 2016.

It has been previously reported that the bank has considered moving activities to Frankfurt and Dublin.

However, despite the triggering of Article 50 last month, it is understood that Credit Suisse has, as yet, no preferred location.

“Credit Suisse is currently exploring solutions to various outcomes including a Hard Brexit.  We are refining our in-depth analysis and are looking at ways to maintain access to EU clients and markets," a spokesperson for the bank told independent.ie.

"We will optimise our current infrastructure as well as leveraging our existing EU presence where appropriate.  We already provide a comprehensive range of services to our clients through both our London operations and a number of different subsidiaries and branches across the Continent. 

"This provides us with the flexibility to respond to potential changes in the UK and EU financial services industry in the future.”

Earlier this month, Standard Life confirmed that Ireland is on a list of possible destinations that will be considered once Brexit negotiations get under way.

US investment banking giant JP Morgan is also understood to be considering the relocation of hundreds of its employees from London to Capital Dock, the 31,600 sq m (340,000 sq ft) office scheme currently being developed by Kennedy Wilson in Dublin's docklands.

The site could potentially house around 1,000 employees.

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