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The Bigger Worry

Sitohang hardly has to worry about the wealth arm, where pre-tax profit surged by over 63 percent last year to 820 million Swiss francs. Revenue didn't advance nearly that much – 22 percent – so Sitohang and his deputies are clearly putting the brakes on the unit's spending as well.

His bigger worry is undoubtedly the markets and trading division, which is meant to underpin a vast overhaul last year that saw jobs cut and spending slashed to adapt Credit Suisse to business drying up.

Sitohang said the size of the markets arm is about right for his taste following the cuts, which ended last autumn, and has no plans to cut anymore. «We did want to reposition the overall profitability of that part to make sure it reflects what the market’s activity could be, whether its very high or low activity, and that's exactly what we did.»

Sustainable Trading?

The unit has seen a so-called juniorization in recent months, with younger bankers picking up the mantle from more seasoned – and presumably more expensive – leaders exiting.

A dramatic pickup in trading in January and February was a linchpin in Credit Suisse's fourth-quarter report, and though Sitohang would doubtless be overjoyed to ride the recovery, he is frank in that he simply doesn't know whether it will hold out.

«But when you have a good start, it sets you up in better position for the quarter and obviously for the rest of year and that’s what we intend to capitalize on,» Sitohang said. He didn't comment on a recently opened U.S. probe into hiring in Asia, saying the Swiss bank is cooperating with investigators.