Top Swiss bank Credit Suisse, which announced 5,300 layoffs last week and is planning more, is said to be cutting back on its outsourcing work to Wipro.

If it does, Wipro, which has about 1,400 consultants working for Credit Suisse, will have to shift them to some other project or put them on the bench.

Credit Suisse is among Wipro's top 10 customers and so any reduction in work volume is bound to have an effect on its revenues, one analyst told the Economic Times. According to analysts, Credit Suisse will not lay off all 1,400 Wipro consultants in one shot.

Wipro is going through tough times, as it also faces the prospect of a decline in business from auto client General Motors, which has asked for a bailout package from US government along with two other companies, namely Ford and Chrysler.

Credit Suisse’s financial state may also have an effect on Cognizant Technology Services (CTS), since the bank is its second largest financial services client after J P Morgan for CTS. X

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