Credit Suisse signs £578m IT deal

Investment bank Credit Suisse has signed a £578m partnership with BT and Swisscom for management of its global networking function.

The minimum five-year contract will include the transfer of 231 employees and 50 contractors and an option to extend to seven years.

There is also provision for a broad package of services to enhance the bank’s operating efficiency and address requirements across Credit Suisse’s enterprise and financial trading environments.

The agreement will see the joint development of new service innovations including the use of public mobile, internet technologies and advanced exchange connectivity at a lower cost and with less capital investment.

Through collaboration with its new partners the bank aims to further reduce latency and improve trader effectiveness and collaboration in its investment banking activities while exploring customer relationship management solutions in the personal banking market.

All three partners will contribute to a newly established multimillion pound innovation fund to finance the development of new technologies for the delivery of new product and service offerings.

‘As our business landscape becomes increasingly complex, the integration of telecommunications connectivity and remote access for our team is becoming ever more important,’ said Tom Sanzone, Credit Suisse chief information officer.

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