Credit Suisse Group is looking at cutting thousands of roles globally, according to a report by news agency Bloomberg

The Zurich-headquartered global banking group is said to be weighing up the headcount reduction in a bid to cut its overall cost base by an additional $1bn, said people familiar with the matter.

Credit Suisse's headcount stood at 51,410 at the end of June.  

It is expected to finalise its plans over the next couple of months, Bloomberg further reported, and is examining inefficiencies in the bank's middle and back office in addition to the efforts to reshape its investment bank.

Estimates being discussed include cutting several thousand roles over a number of years, the people said, adding that the plans were preliminary and no final decision has been taken. 

Around the same time as this report emerged, Fitch Ratings cut Credit Suisse's rating to 'BBB' from 'BBB+, highlighting that a further restructuring plan after the strategic review will give rise to material execution risk, particularly if the restructuring requires material costs given the bank's weak earnings generation.

A spokesperson for Credit Suisse said: "We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings; any reporting on potential outcomes before then is entirely speculative."