While Credit Suisse has been aggressively cutting positions across its global operations, at least one region will see a small number of hires, with the lender poised to bring 1,200 jobs to Raleigh, North Carolina, which will also include several relocated positions from New York City.
Credit Suisse has been one of the more active banks in the job cutting space, having recently decided to shrink multiple Asian equities desks, as well as another 5,500 positions worldwide as part of its latest bid to restore profitability. The group is in the midst of a widespread restructuring plan that could ultimately see the loss of over 10,000 jobs globally
Filling the Gap Between Brokers, LPs, and ClientsGo to article >>
The group has been adamant in bolstering its wealth management unit, at the expense of its investment bank and other traditional banking channels, with the UK being ground zero for such moves. Additionally, the effects of Brexit and other industry headwinds have created a hostile climate for Credit Suisse’s 2017 banking operations.
Despite these issues however, Credit Suisse’s US business has shown signs of faring differently, as indicated by a tranche of hires to its Raleigh branch. The movement of jobs out of New York City, the largest banking hub on the East Coast, could also be adopted by other lenders in a bid to circumvent high labor costs.
Overall, the 1,200 roles will be derived from an assortment of US offices, largely from New York, in tandem with other new hires from the local area, according to a Reuters report. Furthermore, the bank is slated to be investing over $70.5 million as part of the Raleigh expansion.
According to a recent statement released from Credit Suisse: “We plan to expand our existing capabilities – finance, technology and operations – to include all key corporate and business support functions for our U.S. businesses.”