What impact the integration of Credit Suisse into UBS will have on the investment banking hub in London was previously unclear. Now there's some movement.
Numerous Credit Suisse employees in London will have to relocate to join their colleagues in the City financial district, with UBS planning to relocate staff from the Credit Suisse tower at One Cabot Square in the Canary Wharf.
The bankers affected will move to UBS' London headquarters at 5 Broadgate (pictured below), not far from Liverpool Street Station, as reported by «Financial News» (behind paywall), citing an internal letter to employees.
Credit Suisse Logo Vanishes
(Image: Shutterstock)
In the Credit Suisse Tower in Canary Wharf, the bank will vacate «a number of floors» as a result, it says. The measure is part of the extensive global integration of the major Swiss banks. The first to move will be employees who are in regular contact with clients, it said, citing sources.
«Consolidating our real estate footprint to bring colleagues together to reinforce the way we engage with clients and employees is an important element of our real estate strategy,» according to the memo.
A few months after the completion of the takeover, the integration of Credit Suisse into UBS is in full swing, which includes replacing Credit Suisse signs and logos in the coming days, it adds.
Canary Wharf Exodus
Before the emergency merger, Credit Suisse had about 5,500 employees in the UK and UBS had about 6,000.
Canary Wharf has lost several businesses in recent years. The UK's largest bank HSBC is also planning to leave Canary Wharf and move to a smaller office in the City.
