Credit Suisse, Switzerland's second biggest bank, will publish subdued second quarter earnings next month, according to Morgan Stanley analysts, as disruption from eurozone stresses take their toll on margins and the private bank failed to pick up new clients.

Morgan Stanley's European financials team, led by Huw Van Steenis, said the Swiss bank is "facing headwinds from sovereign risk" which means private banking margins will not see any improvements in the second quarter.