Credit Suisse has announced that 2,000 jobs will go from its global markets business.

The cuts form part of the bank's plan to boost cost savings across the group to 4.3bn Swiss francs ($4.4bn), up from a previous target of 3.5bn Swiss francs, by 2018.

Chief executive Tidjane Thiam, who took over last July, blamed a combination of a high cost base, exposure to illiquid fixed income products and challenging market conditions.

The future shape of the Swiss bank’s global markets unit will comprise an equities business and a restructured credit business.

Trading in distressed credit and European securitised products will cease.

FX, cash and options will be rolled into one unit while prime services and equity capital markets will remain in focus.

Under Thiam’s leadership, the firm has announced a headcount reduction of 6,000 of which 2,800 have been actioned year-to-date.

In 2015, the bank made a pre-tax loss of 2.4bn Swiss francs ($2.4bn) - its first annual loss since 2008.

The business expects to make a loss in the first quarter of 2016, it said today, due to write-downs of $346m in the global markets division.