A Sfr152m (€96.6m) restructuring charge at Credit Suisse Asset Management's US operations caused profits at the fund manager to tumble 92% to Sfr27m in the second quarter.

The drop - compared with the same period last year - was announced as CSAM said it would cut 300 staff from the 750-strong business. Chief financial officer Renato Fassbind outlined the cuts in a conference call, Bloomberg reports.