Credit Suisse and Standard Life Aberdeen have stepped up their contingency planning for Brexit.

The Swiss investment bank is preparing to move about 250 of its UK-based staff to offices in Germany and Spain. It employs 5,500 people in London and is one of the oldest tenants in Canary Wharf.

The Credit Suisse jobs under consideration to be moved include traders as well as corporate finance staff. The transfer comes after thousands of job cuts that have hit the bank’s London operations.

The decision to move staff to Frankfurt and Madrid also marks something of a snub for Paris, as President Macron of France has been trying to attract jobs lost by the City as a result of Brexit.

Standard Life Aberdeen was created last