C Suisse CEO on 'destroying' the investment bank

Sledgehammer

The business needs to perform.

Bloomberg News reports that Credit Suisse CEO Tidjane Thiam said he 'resisted calls to destroy the investment bank' as the bank seeks to focus on wealth management.

It’s 'important for us to be strong in the investment bank', Thiam, 53, said at a conference in London Tuesday, without elaborating on who added pressure regarding the securities unit. The business needs to perform 'particularly in equities, because that’s where we can reap in emerging markets', he said, adding he had been 'very harsh' during an assessment of the group.

Credit Suisse said last month it will separate trading from its underwriting and advisory businesses and eliminate as many as 2,000 positions in London.

To access the complete Bloomberg News article hit the link below:

Credit Suisse CEO Resisted Pressure to `Destroy' Investment Bank

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