Credit Suisse to outsource procurement services

Credit Suisse (CSGN.S) is outsourcing its procurement of goods and services to specialist provider Chain IQ to help pare back costs, the bank said in an internal memo on Tuesday.

Roughly half the bank’s procurement staff will be transferred to Chain IQ under the envisioned process, the bank’s head of procurement, Daniel Helmig, said in the memo, as part of an agreement aiming “to generate significant financial benefits over the coming years”.

A spokesperson confirmed the contents.