Private bankers at the Swiss lender reportedly contacted key clients to suggest that many customers had already opted to move assets outside of the UK already, and that they should consider doing the same.
Credit Suisse made the suggestion in the aftermath of Prime Minister May's decision to postpone a vote on Brexit until the new year, which the bank said prolonged a period of "turmoil", according to the Financial Times. Meanwhile, UK businesses will be told to prepare for a no-deal Brexit immediately, The Sun reported on Tuesday.
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It's another clear sign that market uncertainty over the UK's decision to leave the EU elevated with investors wary of a potential no-deal or a left wing government led by Jeremy Corbyn in the event of a general election. It follows a trend of banks and asset managers moving funds and businesses out of the UK since the Brexit vote ahead of the official leaving date of March 29 2019.
The pound has been down for much of 2018, as has the UK housing market and the benchmark FTSE 100 share index. The FTSE is trading down 0.7% as of 9.05 a.m in London (4.05 a.m EST).
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