Credit Suisse Boss Faces Revolt From Bankers Over Strategy Shift
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Tidjane Thiam took over as chief executive of Credit Suisse last July. CreditDenis Balibouse/Reuters
When Tidjane Thiam took over at Credit Suisse last July, he laid out a new direction for a financial giant with a storied investment banking history: Do less investment banking.
And he used forceful language in doing so. He has referred to once core businesses — such as trading in distressed bonds and derivatives — as “ugly ducklings.” He has suggested publicly that traders increased their investments in risky debt without his knowledge.
Instead, Mr. Thiam said, the firm should dedicate itself to cultivating billionaires in China, Indonesia and Africa. The message: The future for the company is in managing the wealth of others…
Credit Suisse Boss Faces Revolt From Bankers Over Strategy Shift
