Credit Suisse to cut 9,000 jobs and seek billions in new investment

Shake-up aims to draw line under series of scandals and new 3.5bn loss at Swiss bank

Credit Suisse has disclosed sweeping plans to cut 9,000 jobs and to raise billions of pounds from investors, including from the Saudi National Bank, as part of a company-wide overhaul meant to draw a line under a series of scandals and help it recover from a 3.5bn loss.

The announcement follows months of speculation over the scale of change scheduled under its new boss, Ulrich Korner, who has been tasked with scaling back the investment bank and slashing more than 2.5bn Swiss francs (2.18bn) in costs.