Home Outsourcing Credit Suisse finds novel way to shaft IT staff

Credit Suisse finds novel way to shaft IT staff

Swiss bank Credit Suisse has found an easy way to get rid of IT employees as part of a cost-cutting drive: simply transfer them to the Indian outsourcing company which is doing its work.

The bank recently told 58 of its IT workers they would be transferred to HCL, a big Indian outsourcing company.

As India's Economic Times reported, the bank, Switzerland's second-largest, told the 58 that their terms and conditions would remain the same for another 12 months.

They would be able to remain in Zurich for the same amount of time.

Any of the 58 who were not prepared to sign a contract with HCL after that would have to quit, a spokeswoman told the newspaper.

"Credit Suisse has been working with external providers worldwide for many years, as is common in the industry," the spokeswoman said. "HCL has an excellent reputation in the market and was selected as a partner following careful evaluation."

Credit Suisse has 17,020 employees in Switzerland and aims to cut 1600 staff by the end of 2018.

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Sam Varghese

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A professional journalist with decades of experience, Sam for nine years used DOS and then Windows, which led him to start experimenting with GNU/Linux in 1998. Since then he has written widely about the use of both free and open source software, and the people behind the code. His personal blog is titled Irregular Expression.