C Suisse Chairman: Managers were aware of trading positions

Tidjane Thiam

Credit Suisse managers were aware of the trading positions that have forced the bank to take almost $1bn of writedowns over the past half year, Chairman Urs Rohner said.

“There were no blind spots,” Rohner said Thursday when asked about the matter at a conference in Zurich. “The question is how the positions are managed, valued and traded.”

Bloomberg News reports that the chairman’s comments add a fresh account of how the losses came to light. Chief Executive Officer Tidjane Thiam said last week that traders took large, risky positions, catching himself and other top executives off guard. Thiam, CEO since July, said he learned of the extent of the problem only in January and took steps then to address it.

A Credit Suisse spokesman reiterated Thiam’s comments on Thursday after the remarks by Rohner, who said no limits on positions were breached. While Thiam has also said traders didn’t act improperly, the CEO has questioned whether those limits were low enough.

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

Credit Suisse Had No Blind Spots on Writedowns, Rohner Says

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