Credit Suisse said the benefits of restructuring its sales and trading business are beginning to emerge as it posted soaring revenues from credit during the final months of 2016. But the bank warned thousands of fresh job cuts would be coming across the wider group this year.

The Swiss bank reported an 8% increase in revenues in its global markets, or sales and trading, unit in the three months to December 31, to Sfr1.3 billion (£1.03 billion). Credit revenues leapt by two-thirds from a year earlier, to Sfr612 million, while equities revenues of Sfr445 million were ahead by 16%.