Credit Suisse is set to cut 9,000 jobs and hive off its dealmaking unit as it unveils a radical overhaul of its business in an attempt to turn it around after successive scandals and billions in losses.

The Swiss bank said it is cutting 2,700 jobs in the final quarter of 2022 and will reduce employee numbers by 9,000 by the end of 2025 as it looks to strip out CHF2.5bn ($2.5bn) in costs in its long-awaited strategy shift. This is around 17% of its 52,000 employees.