Mar
23
Credit Suisse Chief Says Risky Bets Were a ‘Surprise’
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Credit Suisse headquarters in Zurich. The lender said on Wednesday that it expected trading revenue to be down as much as 45 percent in the first quarter from the same period last year. CreditArnd Wiegmann/Reuters
A thirst for revenue “at all costs” drove traders at Credit Suisse to take large, risky positions, catching top executives off guard and forcing them to accelerate cost-cutting over the next three years, the bank’s chief executive said on Wednesday.
Credit Suisse is also planning to shrink its investment bank further. The steps announced on Wednesday are part of an effort by the chief executive, Tidjane Thiam, to turn around the Swiss banking giant in a difficult market…
Credit Suisse Chief Says Risky Bets Were a ‘Surprise’
