- Credit Suisse has announced that it will hire over 1,000 IT employees in India.
- Indians already form the largest portion of Credit Suisse’s global workforce, accounting for 25% of its employees.
- The announcement comes amid Swiss regulators being hot on the company’s heels for regulatory breaches and after the bank faced a massive loss due to the collapse of Archegos Capital Management.
Credit Suisse’s staff in India already accounts for 25% of its workforce and the Switzerland-based firm is planning to onboard another 1,000 employees, for the information technology (IT) segment, locally this year.
“Credit Suisse’s goal is to leverage the large pool of skilled technology talent available in India, to further enhance its in-house core capabilities,” the bank said in a statement.
The news comes after half a dozen of the bank’s senior executives have left the firm after Credit Suisse took the biggest hit, as investment banks raced to exit their trading positions as Archegos Capital Management collapsed.
Adding the bank’s troubles, a report by the Swiss financial regulator FINMA claims that Credit Suisse ignored over 100 warnings of potential breach of regulations.
What positions is Credit Suisse hiring for in India?
According to Credit Suisse, the firm is looking to hire both developers and engineers who can focus on creating banking solutions around emerging technologies. This includes cyber security, data analytics, cloud computing, API development, machine learning (ML) and artificial intelligence (AI).
“The pandemic has accelerated the use of digital solutions across many areas. We have effectively employed collaboration tools to enable seamless external and internal communication to support teamwork and effective delivery.”John Burns, Senior Franchise Officer at Credit Suisse
Not only are Indian employees the biggest portion of Credit Suisse’s workforce, but that footprint is only going to grow. The 1,000 new hires will be in addition to the 2,000 IT employees the firm has already brought on board in India, over the last three years.
The company iterated that even though the hires will be local, they will be trained to meet the firm’s global requirements, especially when it comes to delivering IT services and solutions for the bank’s businesses around the world.
