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Credit Suisse could trim back office jobs in India
Financial Express Mumbai
|March 22, 2023
CREDIT SUISSE EMPLOYS about 7,000 people across three Indian cities, including Pune, in technology back offices, according to reports. The merger with UBS may lead to some layoffs in these back offices in a bid to rationalise staff at Credit Suisse, one of the most influential banks in global history.
In India, Credit Suisse offers wealth management, investment banking and brokerage services.
Credit Suisse's equity strategists Neelkanth Mishra and Ashish Gupta recently quit the bank to join the Axis Bank group. These posts are likely to be filled up by UBS analysts.
"Let me be very specific on this. UBS intends to downsize Credit Suisse's investment banking business and align it with our conservative risk culture," UBS chairman Colm Kelleher said on Sunday at a press conference announcing the deal. "We will be derisking a lot of the tricky businesses that we are inheriting" Kelleher is keen on retaining Credit Suisse's profitable Swiss unit as well as the wealth management division but is less enthusiastic about its investment banking segment.
This story is from the March 22, 2023 edition of Financial Express Mumbai.
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