LONDON (Reuters) - Credit Suisse CSGN.VX is relocating dozens of back-office jobs from Singapore to India and Poland as part of efforts to cut costs, the Financial Times reported on Monday.
The newspaper cites two people familiar with the situation as saying the bank was relocating back-office staff to India and Poland, without stating the number of jobs set to relocate.
Singapore is home to the Swiss bank’s private banking business in Asia and was expected to continue to grow as its most important wealth management hub in Asia, the FT said.
Credit Suisse is in the middle of a program to cut costs by the end of 2013 to adapt to a drastic slowdown in investment banking revenues and lower profitability in the sector.
Reporting by Stephen Mangan, editing by Gary Crosse