Credit Suisse will move 250 investment banking jobs out of London due to Brexit and shift work to Madrid or Frankfurt, according to a report by Bloomberg.
The company had briefly considered Paris but backed down after consultations with French officials.
Credit Suisse has 5,500 employees in London and is one of the first banks to announce contingency plans to leave the UK as it prepares for Britain’s exit from the EU. Deutsche Bank has also announced it will move jobs to Frankfurt, Milan, and Paris.
Goldman Sachs, HSBC, and UBS are also believed to be drawing up plans for a withdrawal from the UK.
The Bank of England projects the loss of 75,000 jobs across London’s cluster of financial services as a result of Brexit. The loss of the banking sector will be catastrophic for London as it employs approximately one in ten residents or one million people.