Credit Suisse returned to profit in Q4 after it reported a loss in the same period last year – mostly due to legal costs and settlements then. However, the full year profit declined 10 percent to CHF 2.1bn, hurt by a $2.6 billion fine for helping wealthy Americans conceal assets from the IRS, accusation to which it pleaded guilty.

The US settlement also prompted the bank to announce further cost cutting measures.

The bank also says it aims to boost its leverage ratio in anticipation of stricter rules reports Bloomberg amongst other news trackers.