(Corrects CEO quote to show 2,000 figure refers to jobs cut, not number of employees in London) LONDON, Sept 28 (Reuters) - Credit Suisse Chief Executive Tidjane Thiam said on Wednesday that his bank is relatively well-placed to deal with the impact of Britain’s vote to leave the European Union. Credit Suisse’s EU investment banking business is run out of London but Thiam said the Swiss lender had already been scaling back its presence in the city. “We had, since last year, announced a plan to reduce our footprint in London. We have eliminated about 2,000 jobs in London at this point in the year. Our strategy was to deemphasise London,” he said at the Bloomberg Markets conference. Many investment banks use their London hubs to run their EU operations, relying on the passporting system that allows them to operate across the bloc while being regulated just in Britain. The Brexit vote could threaten those arrangements, though Thiam said Credit Suisse should not face a severe hit to its business. “We will not be very impacted by passporting. Around 15-20 pct of volumes will be impacted.” (Reporting by Anjuli Davies; Editing by Rachel Armstrong)
Credit Suisse is well-positioned to handle the impact of the Brexit vote, according to CEO Tidjane Thiam. The bank, which has been scaling back its presence in London, has already eliminated 2,000 jobs. Thiam estimated that around 15% to 20% of the bank's volumes will be impacted and that Credit Suisse would not face a severe hit to its business in the event of losing its passporting license.