Credit Suisse has named Ulrich Körner as its new chief executive, ousting current boss Thomas Gottstein as the Swiss bank looks to recover from a series of scandals.

The Swiss bank is also set to embark on a fresh round of cost-cutting as it posted a second-quarter net loss of CHF1.5bn ($1.65bn)— far higher than the CHF205m predicted by analysts — and will overhaul its strategy outlined in November last year.