Credit Suisse back in profit

Making the announcement this morning chief executive Brady Dougan said: "The way we do business has changed fundamentally over the past two years. Credit Suisse implemented a client focused, capital efficient strategy and business model that enables us to generate less volatile earnings.

"We are confident about our prospects for 2010, given the strength of our business model, our competitive position and our ability to generate capital."

Shareholders can expect a dividend of two Swiss francs per share, while employees can look forward to decent bonuses this year.

"We recognize the need for institutions in our industry to change the way people are rewarded and incentivized," said Mr Dougan.

"We have been using deferred, share-based compensation instruments for many years and we were the first institution to announce the adoption of the guidelines for best practice that followed the G20 summit.

"Of the total variable compensation for 2009, 40 per cent was in the form of deferred awards and subject to performance criteria, which may result in future negative adjustments.

"We have tried to strike the right balance between paying our employees competitively, doing what is right for our shareholders and responding appropriately to regulatory initiatives as well as political and public concerns.

"We will continue to take a responsible approach to compensation."