Credit Suisse is shuttering one of its Canary Wharf offices

 
Oliver Gill
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SWITZERLAND-ECONOMY-BANKING
Credit Suisse employed around 9,500 people in London in 2015 (Source: Getty)

Credit Suisse is to pull out of one of its Canary Wharf offices as it ramps up a cost-cutting exercise and culls thousands of jobs.

The Swiss banking giant is consolidating its London footprint and plans to reduce headcount in the UK capital to 5,000 by the end of the year.

The rationalisation measures are part of wider efforts by boss Tidjane Thiam to streamline operations and focus Switzerland's second-biggest bank on wealth management operations. Credit Suisse employed around 9,500 staff in London when Thiam took over in 2015.

The lender is to move out of 17 Columbus Courtyard, moving staff to its One Cabot Square offices over the next two years, Bloomberg first reported.

Credit Suisse is committed to a lease of 17 Columbus Courtyard until 2024 and will seek either an early termination with landlord HNA or sub-let the building.

As one of Canary Wharf's first tenants, Credit Suisse originally moved into One Cabot Square in the 1990s. The building is currently going through an extensive refurbishment.

Credit Suisse declined to comment.

Read more: Credit Suisse to decide on capital raise ASAP, says boss Tidjane Thiam

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