Credit Suisse took drastic action on Tuesday, replacing two key executives and cutting bonuses amid the fallout from two major business relationships.

Credit Suisse warned Monday of a 'highly significant' hit to earnings from a hedge fund meltdown.

Two of the City’s biggest powerhouses have scrapped their predictions of a post-Brexit recession which would see the UK economy collapse following the EU referendum, and now envisage better-than-expected results in the third financial quarter.