Swiss bank Credit Suisse is considering eliminating around 5,000 jobs across the group as part of a cost-cutting initiative.
A source told Reuters the number of reductions could still change as discussions are ongoing.
The bank declined to comment beyond its previous statement that it would provide an update on its comprehensive strategy review with its third-quarter earnings report, and said any reporting on potential outcomes before that time should be treated as speculative.
As part of Credit Suisse's recovery from a string of scandals and losses, Ulrich Koerner was named its new chief executive in July taksed with overseeing a scaling back of investment banking and reducing over US$1bn in costs.
Koerner succeeded Thomas Gottstein in August after a tumultuous two years that included huge losses, a rare court conviction in Switzerland, and a 40% decline in the bank's stock price.
As well as a US$5.5bn loss on the default of US hedge fund Archegos, the bank has also suffered a US$10bn loss on supply chain financing funds linked to the collapse of Greensill.
In June, the first criminal trial of one of Switzerland's major banks was held against Credit Suisse for failing to prevent money laundering by a Bulgarian cocaine trafficking gang, though the conviction is being appealed.
With a change of top management and a restructuring designed to further trim investment banking and beef up its flagship wealth management business, Switzerland's second-largest bank is calling 2022 its "transition" year.
As part of its second strategic review in less than a year, the bank said it will evaluate options for its securitised products business to attract third-party capital.
In the medium term, Credit Suisse intends to cut costs below 15.50bn Swiss francs (US$15.8bn), verus an annualised 16.8bn Swiss francs this year.
A selloff in the banking sector led to a 3.9% decline in Credit Suisse shares, which have fallen by more than 40% this year.
Shares were up 2.22% at 4.97 CHF.