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.

On 7 February last month, Credit Suisse announced in its full year 2012 earnings statement that it had raised its cost-cutting targets for the third time in seven months, after missing market expectations.

Credit Suisse announced it was be adding a further 400m Swiss francs worth of cost cuts, to be carried out by the end of 2015.

Credit Suisse originally earmarked 2bn Swiss francs worth of cost cuts in February last year but then raised the target every few months.

It added 1bn Swiss francs to cost cutting targets in July 2012, and then raised this target again by another billion in October that same year, bringing the total amount of cost run rate reductions to 4.4bn Swiss francs.

At the beginning of this year, reports surfaced that Credit Suisse will be reducing bonus payouts for the fourth year in a row, after it seeks to slash its overall bonus pool for private banking by 20 percent, effecting 14,000 staff.

Credit Suisse declined to comment.