Credit Suisse plans to move nearly 2,000 jobs out of London because of high costs.
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Credit Suisse is looking at moving nearly 2,000 jobs out of London because of its high costs, the bank's new boss said Wednesday, dealing a blow to the city's status as Europe's dominant financial center.Thiam, who swapped London for Zurich after six years at the helm of London-based insurer Prudential, was speaking after the bank set out plans for a major overhaul, including measures to "right-size" its staff numbers in London, where most of its investment bankers are based.In Canary Wharf, for example, where Credit Suisse has its London offices, property prices have risen by 27 percent since early 2013, outstripping the 10-percent growth seen across prime central London over the same time, according to property company Knight Frank.
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