Credit Suisse has laid out plans to focus on increasing profit in its wealth management arm and investment bank, as part of a broad-based turnaround initiative to improve the Swiss lender’s fortunes.

In a 15 December investor update, the lender said it plans to boost wealth-related pre-tax profit from 4bn Swiss francs (£3.39bn) this year to between 5bn and 5.5bn CHF by 2023, representing annual growth of approximately 10%.