Credit Suisse’s investment bank has reported its lowest profits since the collapse of Lehman Brothers, dampening hopes that the European banks would escape the slowdown in trading volumes that has beset their Wall Street counterparts.

Sales and trading revenues at Credit Suisse, the first European bank to publish its third-quarter earnings statement, were $2.5bn - 41% down on the same period last year. Both fixed income and equity trading saw 41% falls to $1.5bn and $1.1bn respectively.