Credit Suisse has offered to buy back debt securities up to $3 billion, news agency Bloomberg reported on Friday. Struck by scandals and losses, the second largest Swiss lender and one of the world's largest investment banks is racing through a restructuring plan.

Credit Suisse shares have lost about 55 percent of their value so far this year, as investors await more clarity on a strategic review announced by its management earlier this year in a bid to lower costs.

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The second largest Swiss bank slipped into losses this year. It has been involved in a string of setbacks over the past few years, including a spying scandal involving UBS and fines for failing to prevent money laundering linked to a Bulgarian criminal gang 15 years ago.

Credit Suisse Group's current management has said the bank is at a “critical moment” as it prepares for an overhaul. CEO Ulrich Koerner, who took charge of the lender following the resignation of Thomas Gottstein, has asked staff not to confuse the day-to-day stock movement with the bank's "strong capital base and liquidity position”.

Credit Suisse's financial position has fuelled fears of a contagion effect in a 2008-like situation but many analysts believe it is unlikely, given the overall strength of the global financial system today than during the global financial crisis.