Oswald Gruebel, chief executive of Credit Suisse, today criticised the performance of the bank's asset management business and pledged to improve it over the next two years.

Speaking at a presentation of the group's full year results in Zurich, he said: "We are not and cannot be proud of the performance of our asset management business over the past few years. We have seen a lot of senior management changes - almost every year and that has disrupted what is already a fragmented structure."