Swiss banking major Credit Suisse is set to slash 163 jobs in New York, as part of a broader restructure carried out by the bank’s new CEO Tidjane Thiam.

The layoffs will take place through May, the bank stated in a notice to the state Department of Labor.

In February 2016, the bank said that it will accelerate plans to shed nearly 4,000 jobs, in a bid to reduce costs by CHF3.5bn by 2018.

In its London-based operations, Credit Suisse axed about 200 jobs last month.