Reuters
Published Mar 21, 2018 10:14AM ET
Credit Suisse chairman says Brexit prep 'like open-heart surgery'
VADUZ (Reuters) - Credit Suisse Group (S:CSGN) must find alternatives for a fifth of business it does out of England as it prepares for Britain's 2019 exit from the European Union, Chairman Urs Rohner said at an event in Liechtenstein on Wednesday.
"We're preparing for Brexit, and it's totally clear that we have to find another solution for 20 percent of our business in England done for customers from European Union countries," Rohner said. "This is like open-heart surgery."
Rohner also said the time was right for the Swiss financial centre to review an industry-wide solution for outsourcing middle- and back-office processes, an initiative also backed by some other banks to help reduce costs.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.