Credit Suisse’s private banking arm garnered Sfr44.5bn (€36.8bn) in net new assets last year, including Sfr7.6bn in the final three months of the year, although growth was stymied by adverse exchange rate moves.

Exchange rate moves drove a slight decline in the value of the private overall assets under management and, coupled with tax litigation provisions booked in the third quarter, dragged pre-tax profits for the year down 31% to Sfr2.3bn.