Tidjane Thiam's sweeping restructuring was meant to convince investors that Credit Suisse was on the road to recovery after some difficult years.

But just three months into the plan, which included a 6 billion Swiss franc (€5.4 billion) cash call, analysts are questioning the health of the bank’s balance sheet as well as Mr Thiam’s strategy.

The Switzerland-based lender ended its financial year with a common equity tier one ratio – a key measure of financial strength – of 11.4 per cent, well below the 12.2 per cent it had promised shareholders.

“They missed their first goal,” said one analyst who asked not to be named. “There’s a real question on credibility.”

‘Capital back on the table’

A second analyst said the latest results had left some investors “basically saying that capital is back on the table as a concern” despite the bank’s insistence that it has no plans to tap shareholders again.

Mr Thiam’s strategic plan, presented in October, included cuts of more than 70 per cent to risk-weighted assets in some parts of the investment bank, which was then so big and complex that it needed about 60 per cent of the group’s capital. The plan also featured an expansion of the bank’s wealth management and Asian businesses.

But the bank’s fourth-quarter underlying profits fell short of expectations. – Additional reporting by Ralph Atkins. Copyright The Financial Times Ltd 2016