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03 Sep '12, 9am

Credit Suisse shifts back office jobs from Singapore to India and Poland

Citing sources, the FT says that the move is part of the Swiss bank's SFr3 billion money saving programme. Home to Credit Suisse's Asian private banking business, Singapore is a major wealth management hub but several banks have recently sought to switch back office roles such as IT and credit risk to cheaper locations. Last month Morgan Stanley moved 80 back office positions from the country to Indian ad Hungary. Separately, RBS-owned insurance provider Direct Line, is set to cut jobs as part of a plan to make £100 million in cost savings by 2014. The effort comes as RBS prepares to hive off Direct Line in an IPO later this year as part of the 82% taxpayer-owned bank's bailout deal. Credit Suisse moving some Singapore jobs - FT

Full article: http://www.finextra.com/News/Fullstory.aspx?newsitemid=24026

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