Credit Suisse outsourcing plan to hit jobs at Canary Wharf

Investment bank Credit Suisse may outsource up to 5,000 back-office jobs to Singapore, India and Eastern Europe.

The Swiss bank, which has 63,000 employees worldwide, is considering the moves as part of global cost-cutting exercise.

Workers in administrative and technology roles at the bank’s Canary Wharf offices in London are most likely to be affected. Employees in New York and Zurich could also face uncertainty, reports the Daily Telegraph.

Credit Suisse already has an offshore base in Singapore for one of 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”.

He added: “We constantly explore new innovative sourcing opportunities.”

The company estimates that the outsourcing project will take between three and five years to complete.

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