Credit Suisse has told its investment bankers to reduce staff parties, client entertainment and even colour photocopying in a bid to trim costs, the Financial Times reported on Monday.

Citing an internal memo from Brady Dougan, head of investment banking at Switzerland's second largest investment bank, the newspaper said the cutbacks were unusual because business is booming for the banking industry.

Managing our expenses is both a critical part of our strategy and our jobs. You can do you part by challenging all spending to ensure that it is necessary, the FT, in a front page story, quoted Dougan's memo as saying.