Credit Suisse could offshore 5,000 jobs

Credit Suisse is reported to be on the verge of offshoring 5,000 jobs to far flung destinations including Singapore, India and eastern Europe.

According to the Telegraph, the investment bank is considering adding to the 1,000 British and US IT positions it plans to relocate to India.

It now intents to shift thousands of back office, technology and administrative jobs overseas, sending shockwaves through its Canary Wharf, London headquarters and offices based in New York and Zurich.

It is not known when the decision will be made but any changes would occur within the next three to five years, the Telegraph reports.

However, the plan to outsource jobs to India is thought to be in advanced stages with most of the posts likely to be relocated by the end of next year.

Credit Suisse declined to comment on the report, but responded to MarketWatch with a statement saying: "We constantly explore new, innovative sourcing opportunities throughout the bank. We review opportunities, particularly those that will allow us to provide superior service to our clients, while driving cost savings for our shareholders."

Credit Suisse employs 63,000 workers worldwide.

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