Credit Suisse has appointed Reuters to support its private banking business in a two year deal for 1500 new information terminals.
Reuters Market Monitor Xtreme (RMMx), an Internet-based desktop information service will be used to provide streaming quotes, news, and charts to relationship managers working within Credit Suisse's private banking operations based in Switzerland.
Credit Suisse says it chose the Reuters package following a competitive review of four information vendors, including incumbent Bloomberg which claimed a third of the positions up for grabs. Each were assessed on price, quality of vendor, user product evaluation and ability to deploy the service effectively says Peter Hutter, head market information, Credit Suisse.
"Our review of information vendors was driven by the significant pressure on cost and the desire to streamline the number of products," he says. "It was our goal to find a partner who could match our business commitment at a competitive price. We chose Reuters because they offered us this combination together with a fast and collaborative approach to implementing and deploying the service."
He says the bank will review implementation in its Swiss private banking operations before deciding on a further roll-out elsewhere across the enterprise.