Credit Suisse to Add 1,200 Jobs in North Carolina, Siphoning Talent from NYC

While Credit Suisse has been aggressively cutting positions across its global operations, at least one region will see a small number of hires, with the lender poised to bring 1,200 jobs to Raleigh, North Carolina, which will also include several relocated positions from New York City.

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Credit Suisse has been one of the more active banks in the job cutting space, having recently decided to shrink multiple Asian equities desks, as well as another 5,500 positions worldwide as part of its latest bid to restore profitability. The group is in the midst of a widespread restructuring plan that could ultimately see the loss of over 10,000 jobs globally

The group has been adamant in bolstering its wealth management unit, at the expense of its investment bank and other traditional banking channels, with the UK being ground zero for such moves. Additionally, the effects of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term and other industry headwinds have created a hostile climate for Credit Suisse’s 2017 banking operations.

Despite these issues however, Credit Suisse’s US business has shown signs of faring differently, as indicated by a tranche of hires to its Raleigh branch. The movement of jobs out of New York City, the largest banking Hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term on the East Coast, could also be adopted by other lenders in a bid to circumvent high labor costs.

Overall, the 1,200 roles will be derived from an assortment of US offices, largely from New York, in tandem with other new hires from the local area, according to a Reuters report. Furthermore, the bank is slated to be investing over $70.5 million as part of the Raleigh expansion.

According to a recent statement released from Credit Suisse: "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.”