Credit Suisse is bringing back the “First Boston” name after 17 years as the Swiss bank unveiled a sweeping restructuring that includes a big investment from Saudi Arabia, the sale of a unit, and as many as 9,000 job cuts.

The revamp was unveiled Thursday alongside a third-quarter loss of 4 billion francs ($4.1 billion), the fourth consecutive loss for the struggling bank that has reeled from the blowup of the Archegos family office and the collapse of the financing firm Greensill Capital.

The bank plans to raise 4 billion Swiss francs ($4.06 billion) to strengthen its balance sheet. Part of this will come via an issue of new shares to investors, including Saudi National Bank

which has said it will invest up to 1.5 billion francs for a stake of up to 9.9%. A second part will come via a rights issue for existing shareholders.

A headcount reduction of 2,700 full-time-equivalent employees, or 5% of the group's workforce, is already under way in the fourth quarter.

The bank will spin off its capital markets and advisory activities into a separate business as CS First Boston, in a renewal of a former brand. This would be "more global and broader than boutiques, but more focused than bulge bracket players".

CS First Boston, will aim to attract third-party capital as well as a preferred long-term partnership with the new Credit Suisse.

Credit Suisse will keep its Markets business, including the strongest trading business. Its cross-asset investor products as well as equities, FX and rates trading will be closely aligned with the wealth management and domestic Swiss bank franchises