Credit Suisse will relocate its debt and equity capital markets and mergers and acquisition advisory businesses to London, while the Russian equities, fixed income and private banking will remain in Moscow.

It is also said that Steven Hellman, the country chief executive officer at Credit Suisse, and chairman Diana Gindin, will continue to stay in Moscow in order to oversee activities.

In an e-mailed statement, Credit Suisse said: "Credit Suisse remains committed to its clients in Russia. This involves realigning resources to growth areas and adjusting capacity to meet client needs and to manage costs."

In October 2012, the bank had announced its plans to cut CHF1 billion in annual costs by the end of 2015 in addition to a CHF1 billion savings program started in July 2012 and a CHF2 billion expense reduction achieved since last year.

The bank has said that most of the savings will come from the investment bank.

Credit Suisse has been operating in Moscow since 1991.