A string of London-based banks are preparing to relocate to Ireland and other parts of Europe as talks stall between EU negotiators and the UK government over Brexit, according to a British financial services lobby group. TheCityUK, an organisation that promotes London as a financial centre, has warned that London branches of European banks are poised to relocate their operations to Dublin if a transitional deal is not thrashed out before the end of December. The Bank of England is currently mulling on whether European banks will be required to convert their branch operations to subsidiaries early next year if a Brexit deal is not reached before Christmas. The Wall Street Journal reports that an influential European hedge fund is agitating for Credit Suisse to unbundle its operations into three business units as part of a break-up sale. Zurich based activist hedge fund RBR Capital Partners AG wants to divide the group into an investment bank, a wealth manager and an asset management arm. The hedge fund is expected to announce details of a campaign to split the company into specialist businesses as a way to unlock value for long-term shareholders who are perched on big paper losses. Institutional investors have grown impatient with Credit Suisse's senior management, which has struggled to rebuild the share price since a big sell-off hammered the value of company's scrip in January last year.