Credit Suisse has hired a director in London to look after sales in Europe.
James MacDonald, an executive director at JPMorgan for the last eight years, joined Credit Suisse earlier this month. MacDonald began his career at Cazenove in 2007 and moved to JPMorgan when the two banks merged. He looked after pan-European equity sales.
MacDonald's move to CS comes at a time when banks are preparing to move jobs out of London ahead of Brexit, which is still scheduled for March 2019. MacDonald will be handling European sales at Credit Suisse, which is precisely the kind of job most likely to move to Europe after Brexit because it will be no longer possible to sell to European clients from London.
Many banks are relocating their London teams to Frankfurt and Paris. Credit Suisse, on the other hand, has chosen Spanish capital Madrid for its new trading hub. The Swiss bank is contemplating locating an indeterminate number of global markets professionals and investment bankers in Spain after expressing an intention to move 50 jobs to Madrid in July 2008. Frankfurt is likely to play a secondary role.
Credit Suisse didn't respond to a request to comment for this article. However, the bank said last year that it was "working to maintain access to EU clients and markets by leveraging existing infrastructure in the event of a hard Brexit," and that its solution will involve Madrid, Frankfurt and Luxembourg. "London will remain a key part of the bank’s footprint," it added.
Meanwhile, the Swiss bank has been hiring. In December 2018, Credit Suisse said it had hired over fifty people in equity derivatives and 10 "senior research analysts" who had "initiated research coverage on 13 sectors and 185 stocks" over an unspecified time period.
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