Swiss bank Credit Suisse is moving its Amsterdam team to London to be close to other Credit Suisse bankers, the Financieele Dagblad said on Monday, quoting company sources.

Britain’s decision to leave the EU last June has resulted in lower profits for Europe’s banking elite and Brexit is behind a major shake-up in Credit Suisse’s European merchant banking operations, the paper said.

The move to London means the bank’s specialists and bankers active in international mergers and acquisitions will be closer together. Credit Suisse will however maintain a small staff in Amsterdam.

Other foreign banks are reported to be considering slimming down their Amsterdam operations, the paper said.