Credit Suisse will make Dublin its primary hub for servicing hedge funds in Europe and move staff from London, saying it was attracted by the efficiencies of operating in the Irish capital as CEO Tidjane Thiam shrinks the unit.
Bloomberg News reports that the bank plans to relocate prime brokerage, prime financing and securities-lending operations to Dublin after receiving approval from the nation’s central bank to establish a local branch, Sofia Rehman, a Credit Suisse spokeswoman, said in an e-mail.
The bank may move about 40 traders and some 60 back-office staff as part of the shift, according to a a person familiar with the matter.
Thiam, who took the top job earlier this year, is overhauling securities trading in a bid to boost returns for shareholders and meet tougher capital requirements. As part of his restructuring, the CEO plans to eliminate as many as 2,000 positions in London, while scaling back operations in prime services by the end of the year.
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