Part of the bank’s efforts to cut costs globally.

Reuters reports that Credit Suisse is to cut roughly 1,500 jobs in London by the end of next year, according to a person familiar with the matter, part of the bank’s efforts to cut costs globally.

The cutbacks come as the bank’s Zurich neighbour UBS, the world’s largest private bank, also considers moving hundreds of staff out of London as Britain prepares to embark on divorce talks with the European Union.

UBS and Credit Suisse joined big U.S. investment banks in setting up their European headquarters in London, giving them access to the European Union market. But now Brexit is forcing the Swiss and others to seek alternatives.

For Credit Suisse, the job cuts, which will take its London staff to roughly 5,000, is part of a paring down of its London operations that began in 2015 as the bank restructured under Chief Executive Tidjane Thiam.

One Credit Suisse executive said privately that high bonuses and the cost of doing business in the British capital made it difficult for Credit Suisse to turn a profit on its London operation. Brexit, he said, reinforced the determination to act.

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Credit Suisse to cut jobs as it pares back in London

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