Credit Suisse today reported a 25% slump in investment banking revenues to Sfr627m (€406.5m) in the three months to the end of March. It follows arch-rival UBS, which yesterday said its first-quarter investment banking profits slid by one-fifth.

In its first set of results since moving to integrate investment banking more closely into the group, Credit Suisse disclosed a drop in revenues from debt and equity underwriting and advisory fees.