Lukas Mühlemann, the head of Credit Suisse, has bowed to shareholder pressure and agreed to split his dual role as chairman and chief executive at the group, which also revealed that it expects to record a loss in the second quarter.

Mühlemann is to give up the title of chairman at next year's annual general meeting, Credit Suisse said in a statement. He will continue as chief executive. The board has appointed a committee to find a new chairman. Daniel Vasella, Walter Kielholz and Marc-Henri Chaudet are on the committee.