LONDON — Credit Suisse said on Tuesday that it planned to eliminate more than 5,500 jobs by the end of this year as Tidjane Thiam, its chief executive, looks to further reduce costs and improve the lender’s prospects as it fell to its second consecutive annual loss.
The job reductions, in addition to 7,000 positions eliminated last year, come as the Zurich-based bank, like much of the industry, struggles with low interest rates around the globe and a lack of confidence among investors for much of last year cut into its results. Turmoil in the financial markets in 2015 sent Credit Suisse in 2015 to its first annual loss since 2008.
Investor sentiment improved in the fourth quarter, and the bank said it had had positive inflows in its wealth management business in January.
Under Mr. Thiam’s leadership, Credit Suisse is shifting its business model away from riskier, capital-intensive trading and banking businesses. The bank, which has large operations in New York and London, has shrunk the size of its investment bank and is placing greater emphasis on its wealth management business, particularly in Asia and other emerging markets.
After joining the bank in 2015, Mr. Thiam announced plans to raise $6.3 billion in new capital and reduce its costs by billions of dollars by the end of 2018.
Credit Suisse had 47,170 employees at the end of the fourth quarter. The bank also reported an annual loss of 2.4 billion Swiss francs, or $2.39 billion, for 2016.
“We will not relent on the pace of cost reductions going forward,” Mr. Thiam said during a conference call with analysts on Tuesday.
A spokesman said that the bank first targeted consultants and contractors as part of its job reductions and that those jobs reflected the majority of last year’s cuts.
Mr. Thiam had previously served as the chief executive of the British insurer Prudential. The restructuring has led to some tensions among Credit Suisse’s bankers.
In March, the bank said it would accelerate its cost-cutting and shrink its investment bank, with Mr. Thiam saying that the size of the positions on the bank’s trading book “was a surprise for a number of people and was not a widely known fact.”
In December, the bank said that it would further reduce costs by an additional 1 billion Swiss francs.
On Tuesday, Credit Suisse reported a fourth-quarter loss of 2.35 billion francs, compared with a loss of 5.8 billion francs in the period a year earlier. Revenue increased 24 percent, to 5.4 billion francs.
About 2.17 billion francs of the loss stemmed from litigation provisions primarily related to a $5.3 billion settlement reached with the United States Justice Department in December over the packaging and sale of toxic mortgages before the global financial crisis.
The settlement, which was completed last month, resolved claims that Credit Suisse, like many other financial institutions at the time, bundled together unsuitable mortgages into securities that contributed to the financial crisis in 2008, when the American housing market collapsed.
The industry as a whole has paid tens of billions of dollars to resolve claims over the sale of those securities.
The fourth quarter of 2015 also included a write-down of 3.8 billion francs after Credit Suisse reassessed the value of its investment bank.
Mr. Thiam also said that the bank remained on track with its preparatory work for a partial initial public offering of its Swiss unit in the second half of this year but said that the bank would examine other potential options in light of the regulatory environment.
“We have a plan,” Mr. Thiam said. “The fact that we always look at other options has not diminished or diluted that we have a plan and we are implementing it. It’s our job to look around.”