Investment bank Credit Suisse is planning to outsource its entire telecoms infrastructure to BT in a £572m deal as part of the bank’s efforts to slash operating costs.
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The seven-year deal, according to the Financial Times, will involve a “substantial” number of jobs transferring to BT.
Credit Suisse is said to spend about £100m a year on telecoms, and it believes it can save around £25m a year by going to BT as a single provider, said the FT.
Credit Suisse is being advised by Accenture, said the FT, and the deal will cover the outsourcing of both voice and data communications at Credit Suisse's Zurich headquarters, as well as offices in London and the US.
BT will also have responsibility for supporting the bank’s global network of private and investment banking operations.
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