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Credit Suisse moving some Singapore jobs

Date: 31 December 2012

Credit Suisse is relocating dozens of back-office jobs from Singapore to India and Poland as part of efforts to cut costs as some western banks find it more expensive to maintain staff to support the growth of higher-earning “front office” jobs in the Asian financial hub. 

“As their investment banking arms started to generate large amounts of money out of Singapore, the banks generated middle and back-office jobs to cope with the added business,” said Duncan Kennedy, head of risk and quantitative analytics at the Singapore office of Selby Jennings, a financial recruitment firm.

“The way Singapore is developing as a financial hub, they are having to rethink where they locate those jobs for cost reasons.”

Read the full article on Financial Times