C Suisse CEO: 'Our operational risk is very well-managed'

Tidjane Thiam

Credit Suisse, which lost almost $1bn since October on soured credit positions that took some top managers by surprise, is in control of the risks that it takes, according to CEO Tidjane Thiam.

“Our operational risk is very well-managed,” Thiam, 53, said Tuesday in a Bloomberg Television interview with Rishaad Salamat in Hong Kong. “We’ve very tight procedures around that, and we operate under satisfaction of regulators.”

Bloomberg News reports that Thiam is seeking to restore investor confidence in Credit Suisse as he accelerates a restructuring and faces confusion over losses on risky fixed-income trades.

The CEO, in control since June, initially said traders amassed risks without the knowledge of senior executives. Chairman Urs Rohner later said there were no “blind spots” and losses arose from how the investments were “managed, valued and traded.”

“I’ve just been very transparent about the sequence of events and what happened,” said Thiam. “What matters is really what we do going forward and ensuring we have the right escalation processes in the place.”

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

Credit Suisse CEO Says Risk `Well Managed' After $1 Billion Loss

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