In March, the bank said it would accelerate its cost-cutting and shrink its investment bank, with Mr. Thiam saying

In March, the bank said it would accelerate its cost-cutting and shrink its investment bank, with Mr. Thiam saying
that the size of the positions on the bank’s trading book “was a surprise for a number of people and was not a widely known fact.”
In December, the bank said that it would further reduce costs by an additional 1 billion Swiss francs.
The job reductions, in addition to 7,000 positions eliminated last year, come as the Zurich-based bank, like much of the industry, struggles with low interest rates around the globe
and a lack of confidence among investors for much of last year cut into its results.
After joining the bank in 2015, Mr. Thiam announced plans to raise $6.3 billion in new capital
and reduce its costs by billions of dollars by the end of 2018.
“We will not relent on the pace of cost reductions going forward,” Mr. Thiam said during a conference call with analysts on Tuesday.
The bank also reported an annual loss of 2.4 billion Swiss francs, or $2.39 billion, for 2016.