First days on the job can be tough but Dixit Joshi’s tops most. Credit Suisse’s new chief financial officer started on Monday after senior executives had spent the weekend telling clients, investors and counterparties that the bank was solvent.

Such reassurance can be spectacularly unsettling. It implies that someone somewhere thinks the business is in serious trouble. Credit Suisse shares fell 8 per cent when markets opened. Spreads on credit default swaps moved even higher. Its share valuation now lines up with Greek banks.

Financial Times