Credit Suisse Group is looking to divide its investment bank unit into three parts amid efforts to restore its image that has been tarnished by a series of scandals, reported the Financial Times (FT).

As part of the plan put forward before its board, the Swiss lender will offload its profit-making arms including its securitised offerings business to avert a destructive fundraise, the report stated citing people with knowledge of the matter.

Under the plan, the investment bank seeks to place its advisory business under one part, while a ‘bad bank’ might be created to include high-risk assets. The third part could cover the lender’s remaining activities.

Credit Suisse might spin off the advisory business unit later and the ‘bad bank’ could be wound down over time.

The Swiss bank was quoted by the publication as saying: “We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings.

“It would be premature to comment on any potential outcomes before then.”

Credit Suisse recently named Ulrich Körner as its CEO and tasked him with overhauling the bank that has been plagued by several setbacks such as corporate spying scandal, and investment fund terminations, among others.

The latest news comes shortly after a Bloomberg report revealed that the firm is considering plans to bring back its First Boston brand to boost its beleaguered investment banking business.

Early this month, Reuters reported that the bank is looking to cut nearly 5,000 jobs to reduce its costs.