Credit Suisse Group AG announced Wednesday that it will raise approximately 6 billion Swiss francs ($6.3 billion) in new capital as part of a massive strategic overhaul. The announcement was timed to coincide with the release of the company’s third-quarter results, which failed to meet analysts’ expectations.

The Zurich-based bank said it will sell 1.35 billion francs ($1.4 billion) of stock to select shareholders and offer 4.7 billion francs ($4.9 billion) to existing investors in a rights offer. Credit Suisse also plans to save 3.5 billion francs ($3.6 billion) by the end of 2018. Additionally, Credit Suisse also announced a raft of changes, including changes to the top management, naming six new board members, and a partial flotation of its Swiss Universal Bank by 2017.

“I am confident that today marks the beginning of an exciting chapter in the evolution of this historic and important institution for Switzerland,” Tidjane Thiam, who took over as the company’s CEO in July, said, in a statement. “The strengthening of our capital position today will allow us to be in control of our own destiny.”

Credit Suisse reported a decline in third-quarter profits of 24 percent from a year earlier -- a sharper-than-expected drop. Net income attributable to shareholders fell to 779 million Swiss francs ($815.3 million) in the quarter ending Sept. 30, from 1.025 billion francs ($1.07 billion) reported in the previous year. Earnings per share fell to 0.45 franc from 0.61 franc last year. Additionally, the company also reported a 31 percent decline in pre-tax profit at its private banking and wealth management unit.

Credit Suisse is just one of many global lenders facing the impact of adverse market conditions. Last week, several large U.S. banks posted a series of dismal results in the September quarter as uncertainties over the timing of a rate hike in the U.S. and the health of China’s economy hurt profits.