Credit Suisse: Escape from London towards Dublin?

Credit Suisse is exploring options for expanding in Dublin, as the UK moves closer to exiting the European Union, according to a report from Bloomberg.

It is believed Dublin is emerging as a favoured location for the bank’s so-called back-office jobs. The Zurich-based bank is also understood to be considering cities including Frankfurt as it develops plans for moving jobs to adapt to Brexit, according to two people familiar with the matter. 
 
Credit Suisse board member Noreen Doyle said in Dublin earlier this week that the bank is in the "early stages" of examining alternatives to the UK as it plans for Brexit's implications.

Doyle said the lender is “very pleased” with its existing Dublin operation, as it made the city its primary hub for servicing hedge funds in Europe. Irish Prime Minister Enda Kenny opened the firm’s trading floor in the city last year.

The company's executives are "exploring solutions to various outcomes including a hard Brexit and are refining our in-depth analysis," a Credit Suisse spokeswoman said in an e-mailed response to questions from Bloomberg.  "We are exploring all options and do not have a preferred location at this point in time," she added. 

Ireland is seeking to present itself as a destination for financial firms based in Britain that want to retain “passporting” rights, which allow them to do business within the EU. 

Credit Suisse has banking operations in Frankfurt, Luxembourg and Milan, as well as branches in Lisbon, Paris and Dublin. 

But the Swiss bank is leaning away from Frankfurt because of the cost of living and the difficulty of luring employees to the city: "We already provide a comprehensive range of services to our clients through both our London operations and a number of different subsidiaries and branches across the Continent," the bank spokeswoman said. 

"This provides us with the flexibility to respond to potential changes in the UK and EU financial services industry in the future," she added.