ZURICH (Reuters) – Loss-making Credit Suisse (SIX.) New Chairman Axel Lehmann could shake up top management to get the bank on solid ground again, Swiss Sunday paper NZZ am Sonntag reported.

The paper cited unnamed sources to confirm that Romeo Cerutti, Finance Chief David Mathers and Asia-Pacific Regional boss Helman Sitohang had been named as the chief legal officer.

They were three of the 12 longest serving members on the bank’s executive board.

When asked about the report, the spokesperson for the bank said that the bank was implementing a strategy and organizational structure change last November which focuses more on wealth management while reducing investment banking.

She said that senior management, under the guidance of the group CEO, and the board of directors, regularly discuss succession plans. They also review senior appointments to certain positions including those for legal entities and regions.

“Nevertheless, we have not taken any board decisions and will inform you when it is appropriate.”

Credit Suisse reported last week that its first-quarter losses were likely to be due to increased legal provisions. This has resulted in slower business activity and the impact of Russia’s invasion into Ukraine.

This increased pressure was on Thomas Gottstein, Chief Executive Officer. Gottstein had previously stated at a March financial conference that the business had been fairly solid for the first two months.

The bank still has losses from 2021. It is currently under investigation for compliance and risk issues.

The company reports on Wednesday its quarterly results and meets on Friday for the annual meeting.

Glass Lewis Proxy Advisors and ISS recommended that shareholders reject the release of the bank’s management and board from any liability in 2020.