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  #41  
Old 22.10.2015, 10:58
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Barely 6 months into the job and over 5000 jobs about to get axed. Mainly in London and Switzerland.
Fair to say the guy doesn't want to run a charity...
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  #42  
Old 22.10.2015, 11:01
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Fair to say the guy doesn't want to run a charity...
Not a charity. But those who saw in him a Swiss Obama may have to rethink ... or not.
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  #43  
Old 22.10.2015, 11:02
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Barely 6 months into the job and over 5000 jobs about to get axed. Mainly in London and Switzerland.
Approximately 2000 in the US, 2000 in London and 1600 in Switzerland. Some of the US jobs may get moved to Wells Fargo but the UK/CH jobs will be attrition with roles being replaced in lower-cost location (no longer low-cost).

Nothing says "We want to be the #1 bank in our home country" than cutting 1600 jobs and pissing off half the populaion!!
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  #44  
Old 22.10.2015, 11:10
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Re: Credit Suisse, UK, France & Africa: a modern tale

So: what would you guys do in his shoes? He is not axing "some jobs" but especially in London the backend jobs.

Honestly: If I was responsible for a global MNC would I also move the non-customer facing jobs out of London and Zurich. Not necessarily to India as they now plan... but at least out of the most expensive cities. No need that the IT department sits at canary wharf. That does not just cost a lot in salaries, but also rent and what not.

Some near sourcing to Eastern Europe would probably be my choice.
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  #45  
Old 22.10.2015, 11:22
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Some near sourcing to Eastern Europe would probably be my choice.
Driving costs down by shifting backoffice/IT to lower cost centres in theory works. In practice though results are patchy, too often the staff recruited with have the technical skills but poor business skills.

Then add in that it is challenging and/or expensive to hand-hold in order to build business skills and you end up in situation where projects are delivered (badly) on time and require constant fixing - despite the underlying system having been beautifully designed.

I've lived through the push for outsourcing and I have yet to experience a project where it has delivered quality gains.

The big boys have spent so long trying to get their support functions running properly they have ballooned the cost and massively shrunk the efficiency - the lead time to from "minor change requirement" to production is beyond a joke - and that only exists because of the processes that have been put in place.

First action should be to dismantle empires and duplicate functions.

Example:
Function is to run a reconciliation between x and y, flag difference and raise exceptions
In the good old days that would happen, the difference flagged and the investigated to understand why - with the person getting up from their desk walking to the upstream data provider, discussing the problem, figuring out whether it is an exception or data quality, proposing a solution, raising the whole thing to line and trying to fix the problem.

Now it is run, difference flagged and exceptions raised. No thought/time is spent in trying to find out the "why" and how it can be fixed.

Example 2:
Change of calculation for a certain subset of data
In the good old days business would talk with IT, discuss the change, understand the solution, develop the solution, test together, flag exceptions, fix exceptions, implement

Now business raise a request which sits in a Book of Work for 3 lines higher to prioritise budget for the change across 20 departments, when the change is finally agreed to be worked on the business contact has changed, the requirement is documented (badly), coded as written with no consideration of exceptions and possible deviations to the logic, tested, implemented. Found to be incorrect in production a month later and the whole process repeated again - and again - and again.
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  #46  
Old 22.10.2015, 11:53
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Re: Credit Suisse, UK, France & Africa: a modern tale

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So: what would you guys do in his shoes? He is not axing "some jobs" but especially in London the backend jobs.

Honestly: If I was responsible for a global MNC would I also move the non-customer facing jobs out of London and Zurich. Not necessarily to India as they now plan... but at least out of the most expensive cities. No need that the IT department sits at canary wharf. That does not just cost a lot in salaries, but also rent and what not.

Some near sourcing to Eastern Europe would probably be my choice.
Actually, in the company I work for, people are saying off the cuff (but probably wouldn't admit to it officially) that Eastern Europe is cheaper than India if you don't look purely at the costs of man years but at the real costs of productivity. Outsourcing to India has in many cases led to an increase in overall manpower often for cultural reasons and due to higher attrition rates meaning you have to have more staff in training at any time and thus not fully productive. Customers have also complained about attitudes of Indian support staff (who supposedly like to confer endlessly with their colleagues and superiors over tricky decsions rather than taking bold decisons and burdening the responsibility) so there is an obvious deficit in the way European companies manage things in India including not clearly teaching people what they expect. To put these defects right might end up costing more than doing things closer to home in countries with a more similar culture.
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  #47  
Old 22.10.2015, 11:59
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Actually, in the company I work for, people are saying off the cuff (but probably wouldn't admit to it officially) that Eastern Europe is cheaper than India if you don't look purely at the costs of man years but at the real costs of productivity.
I agree. I made a living in Singapore running a consultancy delivering the IT projects the guys in the outsourced departments in India were simply not capable to do. I am working for an Indian client right now and the cultural differences are massive (especially when you do not talk to the expat Indians, but the guys who never left their hometowns...). That's why I suggested Eastern Europe in the first place. Heck, even Eastern Germany could cut the costs for the support of Zurich bankers in half and there is a much smaller culture and language gap.

I agree to all the points of ken, but the problem is that it is really difficult to dismantle empires... they usually exist for a reason. In most cases is it a network of people who support each other. Getting this sorted is way harder and takes more than the three months the new CEO at CS had.
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  #48  
Old 22.10.2015, 11:59
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Now business raise a request which sits in a Book of Work for 3 lines higher to prioritise budget for the change across 20 departments, when the change is finally agreed to be worked on the business contact has changed, the requirement is documented (badly), coded as written with no consideration of exceptions and possible deviations to the logic, tested, implemented. Found to be incorrect in production a month later and the whole process repeated again - and again - and again.
Been through this many times..

Often IT departments who are not embedded in the workings and interests of the company will have their own pet projects and platforms and try to project and twist your requirements so they look like a justification for their pet project. They will try and upsell you, listing lots of bells and whistles you don't want, tell you that it's actually cheaper and better than what you do want. You will say no. Your manager will overrule you and you will get their pet platform on which all the bells and whistles work perfectly but the basic functionailty has been botched in as an afterthought and not properly thought through or tested.
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  #49  
Old 22.10.2015, 15:57
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Re: Credit Suisse, UK, France & Africa: a modern tale

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I agree to all the points of ken, but the problem is that it is really difficult to dismantle empires... they usually exist for a reason. In most cases is it a network of people who support each other. Getting this sorted is way harder and takes more than the three months the new CEO at CS had.
Empires, especially the ones that have grown up over a long time often feature inefficiencies and quite often you get people sayng "how can we do this more efficiently?" rather than "do we need to do this at all?". The total burocracy of major corporations are like that of the state in that they never stop growing and the complexity is such that nobody can really work out which bits are useless and the more you understand the details the more you also get blinded by the details. It takes a skilled analytical mind to see through this and restructure not just to cut costs or make window dressing but to streamline and simplify key processes and interactions. Offshoring is often the cheap response because you're not seeking to reduce costs by reducing people overall, which would require that sharp analytical thinking, but instead saying, lets just transfer entire structures as they are to a place where they cost less. In fact this adds to overall complexity as you have the disadvanatge of multiple sites and hence additional communications layering.
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Old 22.10.2015, 15:59
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Re: Credit Suisse, UK, France & Africa: a modern tale

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In fact this adds to overall complexity as you have the disadvanatge of multiple sites and hence additional communications layering.
And then someone onshore goes "Those f%&^wits 'not quite as sharp as they necessarily need to be' people have no idea what they are doing - I need 2 people here to check the work"
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  #51  
Old 22.10.2015, 16:10
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Barely 6 months into the job and over 5000 jobs about to get axed. Mainly in London and Switzerland.
Can I borrow your crystal ball for a couple of days?
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  #52  
Old 22.10.2015, 16:21
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Honestly: If I was responsible for a global MNC would I also move the non-customer facing jobs out of London and Zurich. Not necessarily to India as they now plan... but at least out of the most expensive cities. No need that the IT department sits at canary wharf. That does not just cost a lot in salaries, but also rent and what not.
Makes perfect sense to me I quite like the Philippines. In South America, I have liked Argentina for a long time, but Colombia is getting more interesting.
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Old 22.10.2015, 17:26
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Offshoring is often the cheap response because you're not seeking to reduce costs by reducing people overall, which would require that sharp analytical thinking, but instead saying, lets just transfer entire structures as they are to a place where they cost less. In fact this adds to overall complexity as you have the disadvantage of multiple sites and hence additional communications layering.
Exactly - and this is where I struggle with the salary of CEOs. Many (most?) are one-trick ponies who instead of fixing anything just cut the cost of it by outsourcing or moving to cheaper locations. While perhaps looking to good shareholders it often makes a bad problem worse.
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  #54  
Old 22.10.2015, 17:34
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Exactly - and this is where I struggle with the salary of CEOs. Many (most?) are one-trick ponies who instead of fixing anything just cut the cost of it by outsourcing or moving to cheaper locations. While perhaps looking to good shareholders it often makes a bad problem worse.
It's what I do at home, too. Once the chaos is too big I "offshore" it to another room and all is well for a while again.
Luckily the rooms have not started communicating with each other - yet.
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  #55  
Old 23.10.2015, 09:13
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Exactly - and this is where I struggle with the salary of CEOs. Many (most?) are one-trick ponies who instead of fixing anything just cut the cost of it by outsourcing or moving to cheaper locations. While perhaps looking to good shareholders it often makes a bad problem worse.
Furthermore, the investors have come to expect that. A CEO who is not offshoring like crazy is perceived as being too soft. So even if the overall balance of an offshoring operation is thought to be neutral or even slightly negative, a high octane CEO may chose to go down that path to make his investors happy.
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  #56  
Old 23.10.2015, 11:29
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Re: Credit Suisse, UK, France & Africa: a modern tale

I find it odd, the fact that most businesses are lauded for creating job opportunities, citing unemployment rates, and yet this new guy is lauded for "firing/retrenching/downsizing" (whatever it will be called) and sending business off to foreign countries?

1,600 newly unemployed in the banking sector of CH. And this is a positive and good thing he is doing?

(A midnight thought I had ....... are`nt most scams originating in India? Besides the Nigerian ones)
(2nd midnight thought ...... Is`nt that the country where horrific tales emerge of infant girl killings? Subjugation and murdering of wives? Gang rapes of lone females that go seemingly unpunished?)

Oh right, this is only about money, nothing to do with morality of whom one deals with.
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Old 23.10.2015, 11:40
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Re: Credit Suisse, UK, France & Africa: a modern tale

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I find it odd, the fact that most businesses are lauded for creating job opportunities, citing unemployment rates, and yet this new guy is lauded for "firing/retrenching/downsizing" (whatever it will be called) and sending business off to foreign countries?

1,600 newly unemployed in the banking sector of CH. And this is a positive and good thing he is doing?

(A midnight thought I had ....... are`nt most scams originating in India? Besides the Nigerian ones)
(2nd midnight thought ...... Is`nt that the country where horrific tales emerge of infant girl killings? Subjugation and murdering of wives? Gang rapes of lone females that go seemingly unpunished?)

Oh right, this is only about money, nothing to do with morality of whom one deals with.
He is not lauded. The CS stock took a dive after his announcement.

Putting over a billion Indians on one level with gang rapists is like saying all English men have the charme of Nigel Farage...
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Old 23.10.2015, 12:43
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Re: Credit Suisse, UK, France & Africa: a modern tale

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Putting over a billion Indians on one level with gang rapists is like saying all English men have the charme of Nigel Farage...
You are very naughty, but I like it
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