Credit Suisse to open second back office in India

Credit Suisse plans to set up its second back office in India by September and hire 350 staff by 2010 as it aims to reduce costs, the Swiss bank said on Wednesday.

The new office in Mumbai will focus on investment analysis, risk and analytics modeling, it said in a statement.

Credit Suisse's first India back office was opened in 2007 at Pune in western India and employs more than 1,600 people who provide information technology support for the bank's global operation.

An army of English-speaking engineers and cheaper wages has driven an outsourcing boom in India and pushed financial firms such as Goldman Sachs , UBS , JPMorgan and Deutsche Bank to open back offices in India.

(Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)