(Bloomberg) -- As much as one-fifth of Credit Suisse Group AG’s volume in its London operations could be affected by the loss of European Union passporting rights, Chief Executive Officer Tidjane Thiam said.
The Zurich-based lender, which employs thousands of people in the U.K., is in a “reasonable position” to deal with any Brexit outcome as it has subsidiaries in Dublin and Luxembourg, Thiam said in an interview at Bloomberg’s Markets Most Influential Summit in London on Wednesday. Passporting enables firms to sell financial products throughout the political bloc from one member nation.
“We’re not very much impacted by the passporting issue because only 15 to 20 percent of the volume we do here would be affected by that,” Thiam said. “We just don’t know what shape Brexit is going to take. It’s uncomfortable but I think we have to wait until things are clearer.”
Even before Brexit, Credit Suisse planned to “de-emphasize London” and has eliminated 2,000 jobs in the U.K. capital since laying out a new strategy last year, Thiam said.
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