LONDON Feb 6 Credit Suisse 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)