Switzerland’s second-largest bank said it was shedding 2,700 full-time staff, accounting for about a third of its planned cuts and a fifth of its 52,000 global employees. It expects the total staff base to shrink to 43,000 by the end of 2025.

The announcement follows months of speculation over the scale of change scheduled under its new boss, Ulrich Körner, who has been tasked with scaling back the investment bank and slashing costs. The bank’s statement underlined that cutting its workforce is part of its annual reduction plan, which it intends to decrease by 15% until it reaches 14.5 billion Swiss francs (some €14.6 billion) by 2025.

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