Credit Suisse is considering cutting thousands of staff around the globe to revive its business.

In its initial report, Bloomberg said the bank started to reduce front-line roles in Asia last month and is exploring inefficiencies in its middle and back office.

The jobs will be cut over a number of years, lowering the firm’s current headcount of 51,410, and will be the biggest decrease in staff since former CEO Tijane Thiam cut around 6,000 roles in 2016.

In the latest round of results, the bank announced that Ulrich Körner, the current CEO of the firm’s asset management arm and former UBS executive, will take charge of the bank, following the exit of Thomas Gottstein.

During his time at UBS, Körner was chief operating officer after the financial crisis, which led the bank to cut staff by 15,000.

Credit Suisse increased the overall number of relationship managers by 1% in the first half of 2022, compared with the same period last year, with the final number going up from 3,590 to 3,620.

The wealth management revenues of the bank dropped by 39% compared with the first half of last year, with the biggest revenue decline of 60% in the EMEA region.

In the latest round of results, the biggest drag on the bank’s performance came from the investment banking unit, which Credit Suisse executives pledged to restructure to make it more competitive. 

The Swiss bank has come under pressure following fallout from the  Archegos Capital Management and Greensill Capital scandals, leading it to replace its executive team in the last 18 months.