Credit Suisse has paused plans to expand office space in Madrid, its post-Brexit hub, as the Swiss bank pushes through an overhaul of its business that will see thousands of jobs lost.

The Swiss bank has decided to not take up more office space in its existing HQ in Madrid or move to another building, as it continues to work out how many staff will be required in the country after its wide-ranging strategy shift announced in October, according to people familiar with the matter.