Credit Suisse Said to Move 50 Investment Banking Jobs to Madrid

(Bloomberg) -- Credit Suisse Group AG is moving 50 investment banking jobs to Madrid as part of its Brexit planning, according to two people familiar with the matter.

The Swiss lender is relocating bankers at its Global Markets trading division and dealmakers from its advisory unit, the people said, asking not to be identified because the decision is private. The firm hasn’t yet made a decision on its post-Brexit trading hub, the people said. Credit Suisse is planning 250 relocations because of Brexit, with some of those people set to move to Madrid, people with knowledge of the matter had said earlier this year.

International banks with European headquarters in London are scrambling to have new trading hubs inside the bloc up and running in time for Brexit. EU regulators have made it clear they expect banks to establish full-scale, standalone operations within the 27 remaining member states as soon as possible. UBS Group AG Chief Executive Officer Sergio Ermotti said last week that Brexit will cost the bank about 100 million francs ($101 million).

Credit Suisse is working to maintain access to EU customers and markets in the event that there is a hard Brexit, a bank representative said, adding that the solution will involve multiple locations and that London will continue to be a key part of its presence.

Credit Suisse is planning to grow its presence in Latin America and wants to use Madrid as a gateway, according to the people. Spanish paper Vozpopuli reported the personnel move to Madrid earlier Monday.

©2018 Bloomberg L.P.

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