Even though it's in the midst of a major cost-cutting effort, Firstar Corp. said it plans to invest $20 million by mid-1997 in technology for its lending, trust, and credit card operations.

"Where Firstar is going to distinguish itself is in fee-income businesses," chairman and chief executive Roger Fitzsimonds told Chicago analysts last week. He singled out trust and investment services as a major growth business, saying it increased 10% last year, to $132 million. Firstar hopes to increase that business further through an enhanced computer system.

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