Investment banks in London may need ‘chaperones’ for EU clients in event of no-deal Brexit

Banks such as Credit Suisse and Nomura have said they would have to loop in EU colleagues when talking to customers in Europe about specific advisory work and regulated products like loans or bonds.

In the event of a no deal Brexit, even the cold-calling of company executives to pitch for new business out of London could cause issues with EU regulators, according to Reuters.

Credit Suisse is working to maintain access to EU clients and markets through the use of existing infrastructure if there is a hard Brexit, a spokesperson for the bank said.

“Discussions with relevant regulators, employees and key stakeholders continue but as we have previously stated, our solution will involve multiple locations, including Madrid, Frankfurt and Luxembourg,” the company said.

“London will remain a key part of the bank’s footprint even after the UK’s exit from the European Union."

Prime Minister Theresa May's attempt to gain support for a Brexit deal that would allow bankers to continue business as normal until the end of 2020 was defeat in the House of Commons on Thursday.

With Brexit due on March 29 and no deal currently agreed, banks are starting to make contingency plans.