Global financial giant, Credit Suisse Group has recorded its second consecutive quarterly loss amid difficult financial situation.

Chief Executive Officer TidjaneThiam announced sharper cost cuts at its securities business in the beginning of the year. The company's securities business is affected by writedowns on trading positions.Thiam is aiming to reduce the scale of its investment bank in order to free up capital for expanding the bank's wealth-management business in order to cater to the clients across the Asia-Pacific region.

Thiam speeded up the changes in the month of March after disclosing more markdowns on high-risk securities. The bank expects subdued market conditions and low activity to persist during the second quarter and even after that period.

The second biggest bank in Switzerland reported a loss of 302 million Swiss francs or around $311 million during the three months till March compared to a profit of 1.05 billion francs in the previous year. Market analysts had predicted a loss of 344 million francs during the period, according to an average of 10 estimates compiled by Bloomberg.

"In the first quarter of 2016 and particularly in January and February, we operated in some of the most difficult markets on record with volumes and client activity drastically reduced. We remain focused on executing our plan, cutting costs, investing selectively in profitable growth and managing capital,"Thiam said in the statement.

The shares of the company have been affected by a market selloff and have lost about 38 percent of its value this year.