Credit Suisse looks to shift 5000 jobs offshore

Credit Suisse looks to shift 5000 jobs offshore

Credit Suisse is planning to move around 5000 IT, back office and administrative jobs to cheap offshore centres in eastern Europe, Singapore and India, according to a report by UK broadsheet The Daily Telegraph.

The latest news follows earlier reports that the bank was planning to shift around 1000 British and American IT jobs at its investment banking unit to India.

According to the report, Credit Suisse is reportedly considering moving a major chunk of its back office operations offshore as part of global cost cutting programme. Preliminary studies are currently underway to examine various options, including the possibility of moving secretarial and other administrative roles, in addition to more traditional IT jobs, to offshore centres.

Although it is not known when a final decision will be made, The Daily Telegraph says any changes would occur within the next three to five years, although the plan to move IT jobs to India is thought to be most advanced with the majority of roles transferring by the end of 2007.

Staff at Credit Suisse's offices in London, New York and Zurich are likely to be affected by the move, says the report.

The report says a number of contractors and suppliers have already been contacted to examine the prospects of moving operations offshore, identifying property and recruiting trained staff.

Credit Suisse already has an offshore back office facility in Singapore which it opened in February 2004. The unit was established to support the group's international business in the Pacific region and provide business continuity services. However the bank has not yet offshored work to India or eastern Europe.

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