Credit Suisse reviews market data spending

Credit Suisse reviews market data spending

The investment banking arm of Credit Suisse is "aggressively reviewing" its market data spending as part of a cost-cutting campaign that also includes a freeze on technology-related purchases.

The spending review was revealed to staff in a memo from Brady Dougan, the head of the Swiss bank's investment banking division. It is part of a sweeping cost management initiative across the bank.

In the memo, Dougan says that staff will be asked to identify any non-essential market data and that all new data service requests will require COO approval.

"We believe that by operating at best in class standards in this area, we can achieve significant savings," he states.

Dougan adds that the management team have consulted with the IT department to ensure that all existing hardware, software, and communications inventory meets current operating needs.

"As a result, we will very carefully consider all requests to purchase additional technology and will approve only those that are essential," he says.

Other cost-cutting initiatives detailed in the memo include restrictions on client expenses, travel, entertainment and the use of external recruitment agencies.

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