ZURICH May 9 Credit Suisse plans to
add around 1,200 jobs in North Carolina, partly by moving
positions from New York City, the Swiss bank said on Tuesday, as
it tries to cut costs following back-to-back annual losses.
The jobs will be added "over the next few years" at its
corporate centre in Raleigh, Credit Suisse, Switzerland's
second-biggest bank, said in a statement.
"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," the
Zurich-based bank said.
The 1,200 roles will be a combination of people relocating
from Credit Suisse's other U.S. offices, mainly New York, and
new hires from the local area, a bank spokeswoman said. Credit
Suisse expects cost savings from lower property and staff costs
but did not disclose a figure.
Credit Suisse exited the U.S. private banking market in
late-2015 but still has U.S. operations through its two
investment banking divisions.
The bank will invest $70.5 million as part of the Raleigh
expansion, the office of Governor Roy Cooper said in a separate
statement, adding Credit Suisse is also eligible for $40.2
million in total reimbursements through a government grant
Credit Suisse has lost 5.65 billion Swiss francs ($5.6
billion) since 2015 as Chief Executive Tidjane Thiam focuses on
expanding its wealth management business while shrinking its
investment bank, a shift it expects will lead to more than
10,000 job losses.
In recent years, other Wall Street banks have also shifted
jobs from New York to cheaper locations, including Goldman Sachs
growing its headcount in Utah and Morgan Stanley
expanding in Maryland.
(Reporting by Joshua Franklin; Editing by Janet Lawrence)