March 21, 2018 / 2:10 PM / a month ago

Credit Suisse chairman says Brexit prep 'like open-heart surgery'‍​

VADUZ, March 21 (Reuters) - Credit Suisse Group 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.‍​ (Reporting by Angelika Gruber, Editing by John Miller)

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