Top Firm Boss Said Under 'Immense Pressure.....Will Be Replaced'

Showing You The Door

It's getting tougher at the top.

Credit Suisse boss Brady Dougan has outmanoeuvred an internal rival with his recent revamp of the Swiss bank and management shake-up but is still on borrowed time, senior banking sources say.

Reuters reports that Dougan might have played his last hand with an overhaul that strengthens the investment bank where the American made his career before taking over as chief executive in 2007 while also promoting two more executives to join the race to succeed him.

'The latest reorganization shows clearly that Dougan remains under immense pressure', a former high-ranking Credit Suisse banker says. 'He will be replaced as soon as a suitable successor is found'.

The Credit Suisse reorganisation contrasts with hometown rival UBS, which is abandoning most fixed-income activities in favour of its flagship private bank as tough Swiss capital rules begin eating into investment banking profits.

Instead, Dougan, who has long defended the unit he used to head from calls for a dramatic scaleback, announced a raft of measures that confirm his desire to keep Credit Suisse at the top table of investment banking.

Hit the link below to access the complete Reuters article:

Credit Suisse boss under pressure despite outsmarting rival

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