15,000 employees, Rs 2,800 crore deposits: How big is Credit Suisse in India?

Although the fine print of the UBS' acquisition of Credit Suisse is not out yet, 15,000 employees facilitating Credit Suisse’s India operations have been left in a state of uncertainty. The turmoil at the Credit Suisse started after its main shareholder, Saudi National Bank, said it would not invest any more funds in the bank. Furthermore, its annual report cited 'material weaknesses in internal control.

Credit Suisse India operations at a glance:

1. The bank has 15,000 employees in India, its second largest employee footprint, just behind its operations in Switzerland.

2. The 15,000 strong Indian workforce includes employees aiding the direct operations of the bank, which account somewhere between 5,000-7,000 as per various reports. 

3. The rest of the employees work for the bank’s global IT operations.

4. The bank has offices in six Indian cities, Mumbai, Pune, Gurgaon, Bangalore, Hyderabad and Kolkata. 

5.  Credit Suisse’s Mumbai, Pune, and Gurgaon offices house employees directly involved in the bank’s day to day operations.

6.  A part of the bank’s global IT operations are handled out of its Bengaluru, Hyderabad and Kolkata offices.

7. The Swiss lending giant explained in a release last year that 25 per cent of its IT employees are housed in India. A major part of its IT operations is also handled out of India.

8. Credit Suisse has a banking license approved by Indian regulatory bodies and operates in wealth management, investment banking, and brokerage services.

9. As of March 2022, the Swiss lender had a deposit base of Rs 2,800 crore in India. Its loans and advances stand at Rs 947 crore, total income is of Rs 804 crore, and the net profit is of Rs 303 crore.

10. In an earlier statement, Credit Suisse said, “India represents the second-​largest footprint for Credit Suisse outside of Switzerland and it is an important recruitment centre for the bank globally.”

The road ahead:

It is unclear so far if UBS will continue Credit Suisse’s India operations. Although Credit Suisse has a licence to operate in India, UBS surrendered its licence a decade ago.  

Despite the uncertainty, experts say that it is most likely that the UBS will at least continue Credit Suisse’s IT operations out of India because of cost efficiencies.

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