Per Bloomberg

Credit Suisse Group AG is trying to raise $4 billion by tapping its investors to fund a year-long reshaping of its business. The company also plans to let go of 9,000 employees.

The company plans to raise the $4 billion through a rights issue and selling of shares to investors like Saudi National Bank. Its stock dropped around 16% upon the news.

The company plans to trim its workforce to 43,000 by 2025. Credit Suisse also plans to reduce its cost by 15%.

In order to make its changes more sustainable, Credit Suisse said it will only pay "nominal" dividend over the next few yeas until it changes back to "meaningful" payments from 2025 and beyond.