SINGAPORE: Swiss banking group Credit Suisse is relocating its back-office operations from Singapore to India and Poland, according to a report by a foreign news agency on Monday.
It also means that some jobs will be trimmed in Singapore but the number of affected jobs has not been announced.
Singapore is Credit Suisse's regional head office for the bank's Asia Pacific private banking business, and houses its largest private banking operations outside of Switzerland.
In a statement on Monday, Credit Suisse said: "For a leading global wealth manager and investment bank as Credit Suisse, Singapore remains a very important hub for our businesses and we remain very committed to our presence in this market."
According to a Credit Suisse spokesperson, the bank had previously announced that it was committed to cost reductions amounting to some 3 billion swiss francs by the end of 2013.
Out of this, some 2 billion swiss francs have been achieved ahead of plan.
"It is not news that a number of established banks have been relocating jobs out of Singapore. This does not withstand the fact there are also other banks that are moving jobs into Singapore," said Mr Pan Zaixian, general manager from Kerry Consulting.
"The reported roles that are moving out of Singapore are mainly back-office positions and not revenue attributive functions within investment banking or trading," he added.
Besides Credit Suisse, other Western banks like Deutsche Bank, Citigroup, Goldman Sachs Group Inc. and Morgan Stanley have all trimmed their headcounts this year.
It also means that some jobs will be trimmed in Singapore but the number of affected jobs has not been announced.
Singapore is Credit Suisse's regional head office for the bank's Asia Pacific private banking business, and houses its largest private banking operations outside of Switzerland.
In a statement on Monday, Credit Suisse said: "For a leading global wealth manager and investment bank as Credit Suisse, Singapore remains a very important hub for our businesses and we remain very committed to our presence in this market."
According to a Credit Suisse spokesperson, the bank had previously announced that it was committed to cost reductions amounting to some 3 billion swiss francs by the end of 2013.
Out of this, some 2 billion swiss francs have been achieved ahead of plan.
"It is not news that a number of established banks have been relocating jobs out of Singapore. This does not withstand the fact there are also other banks that are moving jobs into Singapore," said Mr Pan Zaixian, general manager from Kerry Consulting.
"The reported roles that are moving out of Singapore are mainly back-office positions and not revenue attributive functions within investment banking or trading," he added.
Besides Credit Suisse, other Western banks like Deutsche Bank, Citigroup, Goldman Sachs Group Inc. and Morgan Stanley have all trimmed their headcounts this year.
