Credit Suisse boss defends bank’s role in collapsed trading product

“There’s a process for that – we don’t take those decisions lightly.” He said the product had not had a material impact on the firm’s finances.

In its results for 2017, Credit Suisse posted a reduced loss of 983m Swiss francs (£755m). A previously flagged 2.3bn franc hit from US tax reforms prevented a return to profit after three years of cost-cutting.

The loss was lower than analysts expected and an improvement on the bank’s losses of 2.7bn francs in 2016 and 2.9bn francs in 2015. Shares in Credit Suisse rose more than 3pc in Zurich.

Mr Thiam said recent volatility had boosted the bank’s markets business at the start of this year, suggesting a return to choppier conditions could benefit investment banks after a period of calm.

Credit Suisse has come under pressure from an activist investor, Swiss hedge fund RBR, which took a stake in the bank last year and is pressing for the firm to hive off its investment bank and move it to New York from Zurich.

“The results confirm that there is need for additional action. Now it is up to Credit Suisse to show alternatives,” RBR said in a statement.

Mr Thiam insisted: “Our strategy is working. We generated profitable growth in 2017.”