Credit Suisse Group is set to slash nearly a third of its debt sales jobs across the globe amid an overhaul of its businesses that will result in layoff of thousands of people, Bloomberg has reported citing two people privy to the development.

The overhaul also includes a plan to significantly reduce the size of the bank’s investment banking and trading operations.

The job cuts will impact Credit Suisse’s debt syndicate unit that fix prices of bond deals and is targeted at trimming the group’s ‘flow business’, added the sources.

It will mostly affect the Swiss bank’s European unit that has a positive record in corporate bond sales and leveraged finance dealings.

A spokesperson for Credit Suisse refused to give any updates but pointed to a press release issued in October this year regarding layoffs.

The bank is carrying out restructuring of its operations after getting entangled in a series of scandals and management slip-ups for years.

As part of the overhaul, Credit Suisse intends to combine its capital markets, advisory and leveraged finance activities into one unit under the brand of CS First Boston.

The bank also has plans to merge its rest of the trading operations mostly with wealth management business.

Credit Suisse plans to axe 2,700 positions this year and 9,000 roles by 2025 in order to reduce expenses.

Last week, a report emerged that that bank cut around one-third of its investment banking jobs in China.