His replacement Thomas Gottstein quit two years later. In October, Ulrich Körner, the bank's new chief executive, unveiled a three-year turnaround plan in which the 166-year-old lender will cut around 9,000 jobs, shift its focus from investment banking towards managing the wealth of its rich clients and take a 1.5bn Swiss Franc (£1.3bn) investment from Saudi Arabia's biggest bank. As part of the overhaul, Credit Suisse's investment bank, will be spun off as CS First Boston, which will be led by veteran banker Michael Klein and focus on advisory work such as mergers and acquisitions and capital markets dealmaking.