Credit Suisse to move jobs to India
The investment bank is planning to move up to a thousand IT posts in an attempt to cut costs, reports Nabanita Sircar.Updated: Feb 16, 2006 19:55 IST
Investment bank Credit Suisse is planning to move up to a thousand British and American IT posts to India in an attempt to cut costs.
Hundreds of staff at the Swiss bank's Canary Wharf headquarters in London and at offices across New York could be affected by the move.
The investment bank, which is preparing to float its Winterthur insurance business in the second-half of the year, will ask some staff to relocate, although the majority of the jobs will be filled from India's graduate community.
The new staff would carry out 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.
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 last night: "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."
If the final decision is made to move the posts, Credit Suisse will be following in the footsteps of a number of British financial institutions.
News of the potential passage to India emerged as Credit Suisse unveiled a 26 per cent rise in costs in the fourth quarter, with net profits of Sfr1.1 billion at the low end of analyst expectations.
First Published: Feb 16, 2006 19:48 IST