Credit Suisse’s new chief executive stamped his mark on the bank on Wednesday, unveiling plans to raise $6.3 billion in fresh capital, scale back its investment bank, cut jobs and retrench from the US and London.

The much anticipated change of direction under Tidjane Thiam, the former CEO of Prudential who joined Credit Suisse in July, draws a line under the Swiss lender's long standing efforts to become one of the world's biggest investment banks.