Tidjane Thiam, chief executive of Swiss-based financial services company Credit Suisse, described Brexit as a “very large issue on the horizon” as he reiterated the bank was cutting city jobs – slashing 9,200 staff to 5,000 employees.
The firm also has operations in Dublin and Luxembourg as it prepares for the UK leaving the EU.
Speaking on Bloomberg, Mr Thiam said: “It’s a very large issue on the horizon but luckily we have time to think about it and get ready.
“For us, Credit Suisse, our presence in London is quite old and quite large, but we are engaged in very significant restructuring since the end of ’15 and we’ve been implementing that plan.
Tidjane Thiam said the bank would cut thousands more jobs in London but was "ready" for Brexit
Our ultimate plan, which we’ve announced, is to get below 5,000 and those plans are not very much affected by Brexit
“We also have quite a few options in Europe. By coincidence we have opened and invested in a new centre in Dublin, which is in the EU, where we’ve transferred a lot of our prime activity.
“We also have a good platform in Luxembourg, so we have options depending on how Brexit plays out.”
The chief executive added “massive restructuring” in the city was part of the bank’s plan and would not be affected by the Brexit negotiations.
He said: “We have plans to restructure London. A year ago we had about 9,200 people in London and we’ve taken that down to about 6,000.
Brexit: Results of how the UK voted Mon, March 20, 2017
Much of the North East of the United Kingdom voted to leave the European Union including Sunderland, Gateshead, Darlington, Durham, Hartlepool, Middlesbrough, Stockton, Redcar and Cleveland, North Tyneside and South Tyneside, and Northumberland
Getty Images 1 of 8
Get Quotes on Home Insurance
GREAT YARMOUTH: The town of Great Yarmouth on the East Coast of England voted by 72% to leave the European Union.
"So there’s been a massive restructuring in 2016 and our ultimate plan, which we’ve announced, is to get below 5,000 and those plans are not very much affected by Brexit, so that’s the plan we’ll be implementing.
Mr Thiam added passporting rights – the ability for financial services firms in the UK to be able to operate business in Europe without restrictions – was a “central issue” of Brexit.
Last month, the CEO said the bank was flexible over Brexit and “relatively comfortable”.
Theresa May is preparing to trigger Article 50 tomorrow which will start two years of negotiations to leave the European Union.