Credit Suisse weighs up 5,000 job cuts as part of restructuring plan

Proposals involve scaling back the investment bank and reducing more than $1bn in costs

Credit Suisse is considering 5,000 job cuts as part of a broader restructuring plan meant to solidify the bank's pivot towards wealth management after a string of scandals at its investment bank.

Speculation over the scale of the job cuts has swirled since Credit Suisse unexpectedly replaced its chief executive Thomas Gottstein in July, after a tumultuous two-year tenure beset by financial losses, controversies and high-profile lawsuits.