Credit Suisse chiefs today adopted a bullish tone, declaring that its investment banking arm "thriving" after growing pre-tax profits nearly three quarters since the end of last year, even though the Sfr1.8bn (€1.3bn) first-quarter profit figure was roughly a quarter below the level in the same period last year.

In a letter to Credit Suisse shareholders accompanying this morning's first-quarter results, chairman Hans-Ulrich Doerig and chief executive Brady Dougan said the investment banking division is benefiting from past actions taken to reposition the business.