Credit Suisse has appointed Ulrich Körner as chief executive, replacing Thomas Gottstein who said he is stepping down for “personal and health-related” reasons.

However, media reports in May suggested major shareholder Artisan Partners called on Credit Suisse to replace Mr Gottstein.

Artisan's managing director David Samra told Reuters: “If you sit down and look at what's happened under (Mr Gottstein's) leadership, I think it's pretty obvious that it has not gone well. ...