Credit Suisse, which this morning said it will cull 3,800 job cuts in investment banking over the next year, reduced its trading risk by a third in the first two months of the fourth quarter and started to exit certain proprietary trading businesses, which contributed to a Sfr3bn (€1.96bn) loss in the period.

The bank updated the market on its fourth quarter performance this morning said it cut its average 1-day value at risk, a measure of the amount the bank stands to lose in any given day, by 33% to $35m in October and November compared with the end of September, reflecting its reduced appetite to put its own capital at risk.