Credit Suisse plans to further slash its investment bank and ramp up cost and job cuts, as the Swiss bank struggles to revamp under its recently appointed chief executive.

Zurich-based Credit Suisse said on March 23 that its investment bank has continued to perform poorly in the first quarter of 2016, with trading revenue expected to decline as much as 45% compared with the same period in 2015. Writedowns at the global markets division of the investment bank were $346 million for the quarter as of earlier in March, and revenue has been "weak," Credit Suisse said.