Credit Suisse is facing a Sfr24bn (€19bn) capital black hole, according to analysts at Matrix Group who initiated coverage of the European investment banking sector this morning with a particularly bearish note on the outlook for the industry.

Andrew Lim and Kapilan Pillai, banks analysts at UK stockbroker Matrix Group, have undertaken an analysis of the impact of forthcoming Basel III regulation on six European bulge-bracket banks and found the Swiss bank to be particularly exposed.