Bank to move 1,000 jobs to India
Investment banking major Credit Suisse is likely to move UK and US IT posts to India.india Updated: Feb 17, 2006 11:38 IST
Investment banking major Credit Suisse is likely to move up to a thousand British and American IT posts to India in an attempt to cut costs, reports here said.
The Swiss bank, which recently dropped First Boston from its name, is masterminding the move as part of its wider strategy to weld investment banking and wealth management together, The Telegraph reported Thursday.
The move is likely to affect hundreds of staff at the bank's Canary Wharf headquarters in London and at offices across New York.
The report said that the bank will ask some staff to relocate to India, but the majority of the jobs would be filled from India's graduate community.
"The new staff would carry out the whole gamut of IT roles from back office to application building, working with staff around the world through dedicated servers.
"Although a final decision to 'push the button' has yet to be made, it is understood plans are at a fairly advanced stage. Credit Suisse's global technology and operations division, run by Eileen Murray, has already briefed a number of key suppliers to ask them to carry out 'reconnaissance missions' to help them set up shop in India," the report said.
Providers, including leading technology firms and property consultants, have been asked to come up with detailed costs of carrying out such a move.
A Credit Suisse spokesman said: "Credit Suisse operates in a highly competitive industry. As part of our commitment to clients and shareholders, we constantly explore new innovative sourcing opportunities."
Declining to comment specifically on India, he added: "We review opportunities, particularly those that will allow us to continue to provide superior service to our clients, while driving cost savings for our shareholders."