Yesterday’s fourth-quarter results show net new money for Credit Suisse’s all-important wealth management unit, growing by Sfr5.4bn, but that is down from the eight to nine billion that was brought in during each of the previous three quarters of 2009.

The Italian tax amnesty has taken its toll on all Swiss banks, and Credit Suisse is no exception, with the bank saying that around Sfr5bn flowed out as a result, although around 60% of this was recaptured in onshore accounts of the Swiss bank.