Credit Suisse looks to cut 1,800 UK jobs

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Credit Suisse is looking to cut 1,800 jobs in the UK in a bid to save £2.4bn.

The Times reports the investment bank plans to move the roles to cheaper locations in Poland and India.

Credit Suisse chief executive Tidjane Thiam says the move is part of a plan to save £2.4bn over the next three years.

He says: “We have 6,600 jobs [in London], 2,400 front office, 4,200 back office. Out of the 4,200 about 2,400 are directly connected to the front office, so they need to be co-located with the front office.

“The other 1,800 frankly don’t need to be in London and that’s the potential we’re looking at, plus a little bit of efficiency.”

Credit Suisse employs 20,500 people in investment banking worldwide, and runs large parts of the division from the capital.

Deutsche Bank, which employs 8,500 people in Britain, recently announced a restructuring of its investment banking division, which is believed to result in a culling of its London operations.