Credit Suisse to outsource jobs to India

Published: Friday, February 24, 2006, 21:01 [IST]

London, Feb 22 (UNI) Swiss based, Investment bank Credit Suisse is working on plans to outsource about 5,000 back-office, technology and administrative jobs to offshore destinations like India, Singapore and eastern Europe.

This follows its earlier plans to move up to 1,000 British and American IT posts to India. The Swiss bank's with 63,000 employees worldwide is assessing the move as part of global cost-cutting plans.

However, the plans are yet to be finalsed.

A series of preliminary studies on the various options are under way, indicating the possibility of moving secretarial and other administrative functions in addition to more traditional IT roles.

According to sources, the expansion plan might create uncertainties among the thousands of staff at the bank's Canary Wharf headquarters in London. Staff at the New York and Zurich offices are also likely to be affected.

The other changes would take three to five year time while the plan to move IT posts to India tops the priority list and is slated to be over by the end of 2007.

It has been learnt that a number of contractors and suppliers have been contacted with regard to moving operations there, identifying property and recruiting trained staff.

Credit Suisse already has an offshore base in Singapore which is home to operations and IT support staff.

A Credit Suisse spokesman declined to comment on specific moves, but stressed that the bank operates in a "highly competitive industry. We constantly explore new innovative sourcing opportunities." UNI/XC SB RK1928

 

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