OREANDA-NEWS The Swiss bank Credit Suisse Group AG intends to actively develop technological capabilities to reduce costs in complex market conditions.

The bank expects to achieve cost savings of 200 million Swiss francs ($209.2 million) by 2023 through the consolidation of its technology platform. In the medium term, the bank will aim to achieve cost savings of another 400 million francs.

Credit Suisse plans to increase investment in technology, including cybersecurity, and expects its digital platform to reach over 200,000 users by the end of 2022. The bank also reaffirmed its target to increase the return on tangible capital without one-off factors to more than 18% in 2024.

Credit Suisse has previously said that 2022 will be a transitional year for the bank. It announced its intention to achieve annual cost savings of $1.5 billion by 2024 by reducing investment banking and shifting focus towards wealth management.

"Despite a challenging market environment, we remain focused on execution of our strategic plan", said CEO Thomas Gottstein. "At the same time, we continue our digital transformation, which is key to building a strong, scalable, and agile organization fit for the future".