The Swiss Universal Bank arm of the Zurich-listed group is restructuring part of its organisation.

The Swiss division of Credit Suisse yesterday announced that retail and commercial clients who mainly use core banking products will be served in a new business area known as “Direct Banking”. The bank said it will spend a “high three-digit million” range in this new business over the next two years.

Investment banking will be moved out of the “corporate and investment banking business area and will report directly to the Swiss Universal Bank’s chief executive," the Zurich-listed lender said in a statement.

The Swiss Universal Bank, one of the divisions created about three years ago as part of a reorganisation of Credit Suisse, plans to invest a sum in the high three-digit million range in its client business – especially in digitalisation, in the hiring of additional employees in client advisory, and in marketing – by the end of 2021, it said.

“At the same time, further efficiency gains are to be generated going forward. When implementing the measures announced today, the bank is acting from a position of strength: These investments in growth are possible thanks to the significantly increased profitability of Credit Suisse in Switzerland since 2015,” the firm said.