"We are protecting returns during volatile markets to provide significant upside when conditions improve and there’s good reason to believe that they are improving," Thiam said in a presentation for the Swiss bank's investor day.

Earlier, Credit Suisse pledged to cut another 1 billion Swiss francs (782.43 million pounds) in costs and pared back profit targets amid challenging markets which have made it harder for banks to make money.

(Reporting by Joshua Franklin)