LONDON (Reuters) - Credit Suisse (CSGN.S) is relocating its Dutch investment banking team from Amsterdam to London as the Swiss bank seeks to improve efficiency and profitability, a source familiar with matter said.
Dutch newspaper, Financieele Dagblad, which first reported the news, said around six investment bankers would be impacted by the move.
The bankers will move to London to gain more experience across broader industry and business groups working on mergers and acquisitions (M&A) and equity capital market (ECM) transactions, the source told Reuters.
The head of investment banking for the Netherlands at Credit Suisse, Maarten Swart, will continue to work between both cities, the source said.
Chief Executive Tidjane Thiam is restructuring Switzerland’s second-biggest bank to focus more on wealth management and less on volatile investment banking, a push that has included several thousand job cuts in Switzerland, London and New York.
The Swiss bank will maintain its office in Amsterdam and continue to service clients in the region as well as its investment and wealth management business, the bank said.
“Credit Suisse is fully committed to its franchise in the Netherlands, where we have a long standing local presence that is a very important and profitable part of our IBCM business,” Mark Echlin, co-head of EMEA Investment Banking and Capital Markets said in an emailed statement.
“We will continue to service our key clients in the Netherlands with a dedicated team both locally and in London supported by our industry and product bankers in the Investment Banking and Capital Markets Division.”
He declined to comment further.
Editing by Susan Thomas