Switzerland's second largest bank announced Ulrich Körner, the bank's chief executive in Switzerland and member of the executive board, has stepped down. He will be replaced by Hans-Ulrich Meister, who joins from rival UBS.

Brady Dougan, chief executive of Credit Suisse, said: "During his ten years with Credit Suisse, Ulrich Körner has made a very significant contribution to the success of our bank. I very much regret his decision to leave and wish him well for the future."