Credit Suisse has cut five of its Swiss private equity firm's seven investment professionals and called a halt to new investment, becoming the latest bank to pull back from private equity.

The business, which was also known as Innoventure, aimed to invest the bank's own capital in fast-growing, young Swiss companies. A spokesman for Credit Suisse said: "Corporate and retail banking within Credit Suisse will no longer invest in private equity. No new investments will be made."