The major Swiss investment bank Credit Suisse is planning to move up to 5,000 back-office, technology and administrative jobs to India, Singapore and east Europe.
According to a report, the bank wants to move up to 1,000 British and American IT posts to India. Sources said the bank which has 63,000 employees world over, is serious about on cutting global costs.
It has already initiated preliminary inquiries for moving secretarial and administrative jobs while outsourcing more traditional IT roles. Any changes would be carried out within a three-to-five year time-scale although the plans to move IT posts to India is in the most advanced stage, one is told.
Most of such jobs will be moved latest by the next year.
It is said that most of the contractors and suppliers have already been contacted with the aim of carrying out reconnaissance missions, meaning identifying properties and recruiting trained staff.
When its move to India would be the first time entry into the country or for that matter to east Europe when it goes there.