TVC NEWS 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 center 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 program.
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.