January 5, 2018 / 10:49 AM / 2 months ago

Credit Suisse to move staff out of one of its Canary Wharf offices

ZURICH (Reuters) - Swiss bank Credit Suisse Group (CSGN.S) intends to move staff out of one of its office buildings in Canary Wharf in London as it consolidates its property portfolio after cutting jobs and costs, a source familiar with the situation said on Friday.

FILE PHOTO - The Credit Suisse logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause

Bloomberg had earlier reported that Credit Suisse would relocate staff from 17 Columbus Courtyard in Canary Wharf to a neighbouring office in One Cabot Square in about two years.

    The bank may then try to sublease the smaller property until the lease ends in 2024, or negotiate an early exit with the building’s owner, HNA Group Co, Bloomberg reported, citing two unidentified sources.

    Under Chief Executive Tidjane Thiam, Switzerland’s second-biggest bank has cut thousands of jobs while increasing its focus on wealth management and scaling back investment banking.

    Reporting by Angelika Gruber. Editing by Jane Merriman

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