Following in the footsteps of competitors such as UBS, Credit Suisse announced that it would be consolidating its position by absorbing its CSFB investment banking operation into its private banking business, and floating its Winterthur insurance operation on the stock market.

According to reports in the Swiss media, the move has been praised by analysts, who have suggested that by cutting back its operations in areas in which the bank is struggling and concentrating on its strengths, Credit Suisse will create a more coherent and efficient group structure.