Swiss banks Credit Suisse and UBS said this morning that they would pay investors half the previously announced dividend, as they looked to balance pressure from the regulator with income-hungry shareholders.

Both banks said they would look to pay out the other half of the dividend later this year, depending on market and economic conditions.

Credit Suisse would now pay a dividend of CHF 0.1388 per share, half the CHF 0.2776 originally proposed on 25 March.