Credit Suisse is creating units within its investment banking and private banking and wealth divisions to house non-core assets - a move the bank hopes will help senior staff to focus on growing more lucrative businesses that will, in turn, boost returns on capital.

Chief executive Brady Dougan announced the creation of the new units alongside the bank's third-quarter results this morning. He said: "This is an important step towards achieving a more balanced allocation of capital between our two divisions."