Swiss banking group Credit Suisse is reportedly planning to bring together its investment bank and capital markets units as part of a revamp under new CEO Thomas Gottstein.

The decision, which could be announced along with the bank’s second-quarter earnings release, marks a U-turn on predecessor Tidjane Thiam’s decision to split the units five years ago, reported Bloomberg.

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The aim is to boost the performance of the investment bank, which has registered losses in recent quarters.

Plans are also on to merge Credit Suisse’s risk and compliance units, added the report citing people familiar with the issue.

The move is aimed at improving controls at the bank, which was recently embroiled in a spying scandal involving the surveillance of its former wealth head Iqbal Khan as he joined rival UBS.

An internal probe over the matter absolved Thiam and blamed COO Pierre-Olivier Bouée who was ousted.

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Credit Suisse was also involved in deals related to scandal-hit firms Wirecard and Luckin Coffee.

The bank helped offload $1bn in Wirecard-linked securities last year amid allegations of accounting botch-ups. Wirecard filed for insolvency last month after the $2bn accounting scandal spilled out into the open and resulted in the arrest of its ex-CEO Markus Braun.

Credit Suisse also offered a margin loan for Luckin Coffee founder Lu Zhengyao. The company was recently in the news for inflating revenues by $300m.

It also began an internal probe into supply-chain finance funds linked to SoftBank.

Credit Suisse stated: “Our strategy works. We are a leading, global wealth manager with strong investment banking capabilities.

“On an ongoing basis, we consider a broad range of options to identify ways to further improve how we serve our clients and achieve our strategic goals in a compliant, profitable way. We are in a constant dialogue on these topics with our investors.”