Credit Suisse to outsource IT jobs to India

Investment bank Credit Suisse is believed to be planning to shift hundreds of jobs to India, as part of an ambitious new cost-cutting strategy.

According to the Telegraph, the Swiss banking giant is proposing to move as many as 1,000 IT posts to an Asian centre, with many staff at its Canary Wharf headquarters in London and offices in New York affected by the offshoring plans.

The newspaper claims that some staff will be asked to relocate, with the majority of outsourced posts filled by Indian graduates, as the bank attempts to marry its investment banking and wealth management operations and reduce costs.

The Credit Suisse global technology and operations division has apparently asked a number of technology firms and property consultants to examine the possibility of moving operations to India.

A spokesman for the bank told the Telegraph: "Credit Suisse operates in a highly competitive industry. As part of our commitment to clients and shareholders, we constantly explore new innovative sourcing opportunities."

Credit Suisse has reported a 26 per cent increase in profits for the fourth quarter of 2005 this week, with net profit up 15 per cent at Sfr1.1 billion (£483 million) compared with the same period of 2004.

An increasing number of high-profile international banking, telecoms and technology groups are moving large parts of their IT and customer service operations to India, where costs are low and candidates tend to be well-educated.

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