Bloomberg News reports that in a memo to employees on his first day on the job, the former CEO of Prudential said he would take a few months to understand the organization and operations before setting out his plans for the bank later this year.
'We must be ruthlessly selective about what we do, and just as importantly, what we don’t do', Thiam, 52, said in the memo, which was seen by Bloomberg and confirmed by a spokesman for the bank. 'Choosing where we invest our capital and where we don’t will be an area of clear focus for me in the coming weeks and months'.
Credit Suisse turned to Thiam to replace Brady Dougan as investors sought a fresh strategy that may see the firm trim the securities unit to focus on wealth management. Thiam, who hasn’t led a bank before, will also need to address a capital gap that according to some analysts could be of as much as $13.9bn.
To access the complete Bloomberg News article hit the link below: