Credit Suisse Cuts 1,500 Positions in London, Scaling Down for Brexit

Credit Suisse Group AG is cutting as many as 1,500 positions in London after the unit’s revenue slumped and warned that more staff could be moved to other locations in Europe as a result of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term.

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The additional job cuts come after Credit Suisse reported a $2.43 billion net loss for 2016, although it struck an optimistic tone for this year.

Before the recent cutbacks, Switzerland's second-biggest bank employed 9,000 staff across the UK, and the latest round of reductions will take its London staff down to under 5,000. The lender, along with other banks, have called for clarity about how transactions worth billions of euros will be dealt with after the UK leaves the EU.

Credit Suisse is shaking up its London business, that was singled out as unprofitable and suffering from high bonuses and the cost of doing business in the British capital. One Credit Suisse executive told Reuters that Brexit reinforced the bank’s determination to act.

The Zurich-based bank is also expecting to move an additional 1,000 staff in London after Brexit. But the number could be higher as its chief executive Sergio Ermotti said that the event could affect about a third of its 5,400 employees in London.

Several global investment banks cut the size of their operations in the UK last year and said that the scale of further cuts will depend on whether transactions denominated in euros can continue to take place through Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term houses in London.