Credit Suisse will slash physical security, hardware and operations this year, as part of its multi-billion Swiss franc cost cutting plan.
Sources close to Credit Suisse told IBTimes UK that the Swiss bank is slashing its physical security headcount and operations, as well as paring back its internal security division, leading to a number of processes being redistributed as part of its overall cost cutting target.
Sources have said that key security related processes, such as the vetting of individuals for employment at the bank, will be moved from the scaled-back internal security division to Human Resources as of 1 April.
Another security element that will be scaled back includes personnel, which encompasses CCTV and access control. However, sources say that the bank's risk committee will still be involved in reviewing any security related matters.
In the meantime, Reuters reports that a former employee sued Deutsche Bank on Wednesday, claiming he was fired for speaking out and accusing the bank of ignoring his concerns about its internal controls and charges to clients.
In his lawsuit, filed in U.S. District Court in Manhattan, DeDilectis contended he was fired in January 2012 after repeatedly telling his superiors about 'potentially fraudulent conduct' by Deutsche Bank. His job was terminated 'without warning or any explanation', he said.