Credit Suisse said on Thursday it had begun a programme to ring-fence its Swiss banking business from riskier investment banking operations in the US and UK, part of a plan to address concerns about institutions that are deemed too big to fail.

Zurich-based Credit Suisse said it planned to create a subsidiary for its Swiss operations, which are focused on wealth management, retail and corporate banking, and institutional clients. The operations covered by the plan also include the bank's product and sales center in Switzerland.