Brexit – Another bank chooses Frankfurt

Credit Suisse has picked Frankfurt as a key post-Brexit centre for its investment banking and capital markets business and has already moved several hundred million dollars of assets to support the new hub.

The Swiss group, one of the last big international banks to reveal its post-Brexit plans, is also moving a number of traders to Madrid, as reported earlier this week and recently confirmed it had been granted a new brokerage licence in Paris.

In Frankfurt, Credit Suisse is re-purposing an existing entity so that it can become part of the group’s Investment Banking & Capital Markets unit.

A person familiar with the plans said the change in structure was “certainly part of the Brexit strategy” and would facilitate Credit Suisse doing investment banking and capital markets business out of Germany.

Credit Suisse will move some bankers to other EU corporate centres, as well as its Paris brokerage, bringing the total moves from London to about 250 from the Swiss bank’s 5,500 headcount there.

Frankfurt and Paris, the favoured post-Brexit choices of large US banks, had long been mooted as potential homes for Credit Suisse’s EU businesses after Brexit, along with Amsterdam.

see full article here