Credit Suisse is shifting thousands of jobs from New York to North Carolina. And the big Swiss bank has further reaching plans in the U.S. state on the East Coast.
The decision to shift jobs from the expensive city New York to Raleigh on the East Coast was preceded by a rather opaque legal dispute about the use of toilets. But now, thousands of jobs will be moved to the cheaper shores in North Carolina.
Raleigh, considered an up-and-moving technology hub, has been home to Credit Suisse (CS) for twelve years already. The Swiss bank has about 2,000 jobs at its offices in Raleigh, mainly working in the back office of the investment bank. But since taking the latest relocation decision, an initial 150 jobs have been added to that total, according to a report by «Efinancialcareers».
Moving as Many as 2,000
By the end of the year, CS will have relocated a total of 500 jobs and plans to move as many as 2,000 over the course of the coming years. A substantial cut for the bank in New York, where it currently employs some 7,500 bankers.
Raleigh will become the home for divisions, which currently are seen as «hot», a bank manager told the online magazine. Specialists for cybersecurity, data analysis and automation will be based in North Carolina. CS has launched a recruitment drive to attract well educated young people to fill those jobs.
Not the Only Bank to Do so
Moving back-office services to cheaper areas has become a common theme in the U.S. UBS for instance has opened a back office in Nashville. And the trend has already made it across the ocean to Switzerland, where UBS has designated several provincial cities as new homes for back office tasks previously executed in or around Zurich.
