Credit Suisse has named Ulrich Körner as its new chief executive officer, replacing Thomas Gottstein in a bid to shore up confidence. At the same time Switzerland’s second-largest bank says it is conducting a “comprehensive strategic review”.

Körner, 59, who used to work for management consultants McKinsey, is considered a restructuring expert in Switzerland. He will start his new job on August 1, Credit Suisse said in a statement.

“This is a challenging undertaking but at the same time represents a great opportunity to position the bank for a successful future and realise its full potential”, - German-born Körner, who has German and Swiss citizenship, said in the statement.