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Credit Suisse's EU investment banking business is run out of
London but Thiam said the Swiss lender had already been scaling
back its presence in the city.
"We had since last year, announced a plan to reduce our
footprint in London. We have around 2,000 people in London. Our
strategy has always been to deemphasise London," he said at the
Bloomberg Markets conference.
Many investment banks use their London hubs to run their EU
operations, relying on the passporting system that allows them
to operate across the bloc while being regulated just in
Britain. The Brexit vote could threaten those arrangements,
though Thiam said Credit Suisse should not face a severe hit to
its business.
"We will not be very impacted by passporting. Around 15-20 pct
of volumes will be impacted."
(Story corrects to read Wednesday in paragraph 1.)
(Reporting by Anjuli Davies; Editing by Rachel Armstrong)
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