Thousands of jobs to be cut as Credit Suisse breaks up

The overhaul is an urgent attempt to restore credibility after a succession of big losses

A Credit Suisse branch in Basel. Picture: Getty

Credit Suisse took its most dramatic step yet to repair the bank, unveiling a fresh plan that will see a multi-billion dollar capital raise, carve out of the investment bank and thousands of job cuts after it posted another huge loss.

The Zurich-based bank plans to raise 4 billion francs (€4.02 billion) through a rights issue and selling shares to investors including the Saudi National Bank, it said today.

It’s effectively breaking up the investment ...