Credit Suisse Bank to move jobs from London to Europe

But the predicted mass exodus now looks like fake news!

                                                                  By: Tony Coe, Founder & CEO

According to reports, one of London’s biggest investment banks, Credit Suisse, is planning to relocate 250 staff from its London office to either Madrid or Frankfurt.

The bank employees some 5,500 people in London.  Paris was on the cards apparently but that fell through after talks with local officials.

Other EU hubs under consideration by a number of banks and financial firms include Luxembourg, Dublin and Milan.

The previous predictions of large numbers of bankers being moved to EU hubs now looks a bit like fake news!  As with everything Brexit-related, immediate fears about mass job loss, emigration and a potential collapse of inbound investment, concerns over bankers relocating to the continent all appear overblown.

The 250 staff that Credit Suisse say they will move to the EU represent only 5% of their London staff.  UBS, on the other hand, say they will  move the most staff abroad with some 1,500 jobs being relocated to Frankfurt and Madrid.  Goldman Sachs say they will move 1,000 to Frankfurt and by HSBC say they will move a similar number to Paris

Certainly, moves are taking place and more will be taking place as we get closer to the actual Brexit date.  This is increasing work pressure on HR departments within banks and financial firms. And it also means that there’s a big upheaval to the lives of those employees that are being asked to up sticks and move abroad.  That creates stress and anxiety which obviously impact their work and well-being.

A happy family relocation to london

For these reasons, the best banks like to provide high quality relocation support to the families and individuals they move overseas – and that’s exactly what my exceptional team of experts here at Saunders 1865 have specialised in for the past 3 decades.

It’s a fact of life that executives are often reluctant to move out of London, a city where most people love to live!  However, experience shows that their objections and pre-conceptions can be overcome when they are provided with VIP relocation support.  For executives with families, this may also include spousal assistance to ensure their partner is well-supported throughout the move, and childcare support for executives with kids.

Other important matters they should be assisted with include:

  • All the aspects around their departure from London, including terminating rental contracts in the right way, recovering deposits, handling damage claims, etc.
  • Getting all the information to them about the destination city, including look see tours where appropriate
  • Home finding assistance that’s designed to protect their interests and their employer’s.  (This may involve temporary accommodation before permanent housing is found.)
  • School search support to help them find the right school places for their children
  • Settling in support to help them with the major issues around starting their lives in the new city

Children School relocation in UK

You can find information on the types of VIP relocation support services that we typically provide to all such clients here

If you’d like to discover more about what we do, please reach out to us anytime using this contact form or call us on +44 20 7590 2700.  Let’s get a conversation started.

The Saunders 1865 team have really been wonderful to work with. The team have been beyond helpful in helping my wife and I find a flat here in London that suits our wants and needs and, of course, within our price range. They have been very courteous and prompt in regards to replying to our numerous questions. I would not hesitate to recommend them to others who may be relocating to London.

Eric Luoma, New York