Credit Suisse could move almost 2,000 jobs out of Canary Wharf due to high rental costs.
The bank’s regional headquarters for operations in Europe, Middle East and Africa is based in Cabot Square , but it also has meeting rooms in Pall Mall.
Reuters reported that chief executive Tidjane Thiam estimated that if some back-office positions were moved to cheaper offices in Poland and India the firm could save £156million pounds a year.
Thiam made the announcement at a press conference on Wednesday, October 21, following the release of information on a major overhaul of the bank, including measures to “right-size” its staff numbers in the capital.
He said: “We have 6,600 jobs (in London), 2,400 front office, 4,200 back office.
“Out of the 4,200 about 2,400 are directly connected to the front office so they need to be co-located with the it.
“The other 1,800 frankly don’t need to be in London and that’s the potential we’re looking at plus a little bit of efficiency in the front office.”
Savills has reported that in Canary Wharf prime office space costs 670 euros (£492) per sq m, whereas in Warsaw it costs around 270 euros (£198) per sq m.