Reuters reported on Monday that Credit Suisse will pour funds into digital.
The firm will reportedly invest ‘hundreds of millions of francs’ in digital services and other parts of its Swiss division by the end of 2021.
The bank will focus on improving its digital offering rather than opening or keeping more branches than competitors.
Thomas Gottstein, head of the Swiss Universal Bank unit at Credit Suisse said “The achievement of long term success will not depend on having the biggest branch network in the future.”
What does this mean?
This forms part of the bank’s efforts to carve our its investment banking arm into a separately managed unit – the retail and commercial banking will be in a new area called Direct Banking.