Credit Suisse is trying to raise more than $1 billion after a string of scandals and executive departures

Credit Suisse is looking to raise more than $1 billion after a year of heavy financial losses, according to a report.

The bank, the second largest in Switzerland, is looking at several options, according to two people with knowledge of the matter. The firm would prefer to sell shares to existing shareholders, but it hasn't ruled out selling its asset management division.

The deal is expected to be completed in the second half of 2022, according to the report.

The bank said in a statement that it is not currently considering raising additional equity capital and that it is robustly capitalized.

Credit Suisse was not available for comment on Monday.

Credit Suisse raised $2 billion a year ago. It comes at a critical time for the firm as it tries to shore up losses from 2021, which included $600 million in damages from a Bermuda court case.

The Archegos scandal resulted in a $5.5 billion loss for Credit Suisse in the spring of 2021.

Almost 90 senior employees of Credit Suisse left the bank last year. Nine directors were focused on healthcare deals leaving the firm in the summer of 2021.

The chairman of Credit Suisse was ousted in January. He was in that role for less than a year.

Credit Suisse has legal troubles of its own. The law firm filed a class-action suit against the bank, claiming it misled investors. The bank may have asked investors to destroy documents related to the finances of Russian billionaires.

The firm has been trying to rebuild afterArchegos. More than a dozen bankers were rehired for its investment banking unit.