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Global Economy

Credit Suisse will well outsource part of its purchases

Nearly half of the employees of the bank with two active sails in this sector will be transferred, according to a circular which AWP received a copy on Tuesday.

Thanks to this transaction, which was blown out by the Finews information portal in mid-November, the number two Swiss bank is anticipating ‘significant’ financial repercussions. The subcontract will take effect at the beginning of April.

According to sources familiar with the matter, the sector concerned employs between 250 and 300 people, half of whom will be transferred to Chain IQ. There should be no job cuts. Outsourcing is expected to save Credit Suisse around CHF 4 billion.

Based in Zurich and with subsidiaries in New York, London, Singapore, Mumbai and Bucharest, Chain IQ is present in around twenty countries and counts among its most important clients, notably UBS (since 2013), BNP Paribas, the agency of financial information Thomson Reuters, the insurer Baloise and the chain of department stores Manor.

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