Swiss banks plan to move some staff out of London: Report

ZURICH: Swiss banking giants Credit Suisse and UBS are looking at relocating some of their bankers out of London after Britain moved to hike taxes on top earners, Swiss newspaper NZZ am Sonntag reported on Sunday.

Citing unnamed sources, the newspaper claimed that Credit Suisse was planning to relocate up to 200 investment bankers from the city to Switzerland and that UBS had in December mulled over moving posts out of London.

A spokesman from UBS contacted by AFP said the bank had "no comment."

A spokesman from Credit Suisse also said he could not confirm the report.

"There is a constant assessment" on where staff should be located, he told AFP. "It is wrong to presume that there is a shift from London to Zurich," he added.

Britain had moved to hike its top tax rate to 50 percent for earnings above 150,000 pounds (168,000 euros, 228,000 dollars). It has also slapped a one-off 50 percent tax on bankers' bonuses above 27,500 euros in a bid to ease public anger against the sector that sparked the economic crisis.