Even before the headwinds United States stocks ran into this week, Credit Suisse ($CS) was already spiraling. As of today, the Swiss bank is down about 37% from its high last year, faring among the worst of the largest financial equities. That sector is also facing a tough year in general, as it almost entirely missed out on the gains of the recent bull market.
But the bank’s tanking stock price has hardly burdened its workforce, and is actually on something of a hiring tear. According to its careers website, the company is looking for about 50% more employees now than it was in the beginning of 2018. Recently, the number of openings crept past 1,500 positions.
And that’s not just to replace worker churn. Overall, the company is growing, having added a few thousand employees — and people who claim to work for the company on LinkedIn — in the past two years.
By and large, hiring is happening outside of the U.S. On October 26, the top ten hiring locations accounted for nearly all of the jobs listed on its website, or 1,339 total. Within that set, only 178 of those jobs are stateside.
|
Country |
State/City |
Number of Jobs |
|---|---|---|
|
Switzerland |
Zurich |
274 |
|
India |
Pune |
268 |
|
Poland |
Wroclaw |
232 |
|
India |
Mumbai |
115 |
|
United States |
North Carolina |
102 |
|
United Kingdom |
London |
90 |
|
United States |
New York |
76 |
|
Poland |
Warsaw |
69 |
|
Singapore |
Singapore |
63 |
|
Hong Kong |
Hong Kong |
50 |
The three biggest locations, comprising nearly half of all new hiring, are Credit Suisse’s Zurich headquarters, Pune, India, and Wroclaw, Poland. Its biggest investment in human capital stateside is in North Carolina, where it is looking for 102 employees across a variety of fields.
Namely, Credit Suisse is continuing to bolster its operations in Raleigh, as it continues to move jobs out of the expensive New York City into a cheaper market. Last year, it announced that 1,200 jobs would move South in an effort to save costs, a trend we've seen across several banks this year.
