Reuters - C Suisse CEO needs to answer tough questions on writedowns

Tidjane Thiam

How did this all play out ?

Reuters reports that on January 19th, Credit Suisse CEO Tidjane Thiam contacted the head of the Swiss bank's markets business asking for more details about the fourth-quarter results at the trading division, according to materials seen by the news agency.

Two-and-a-half months and nearly $1 billion in write-downs later, investors, analysts and former board members are questioning why Thiam and his finance chief, David Mathers, were caught out by the scale of the division's illiquid trades - positions that are not easy to sell out of.

The write-downs have compounded for Credit Suisse what has already been a tough start to 2016 for all investment banks, with its share price down around 38% so far this year, one of the biggest slides of all large European banks.

Hit the link below to access the complete Reuters article:

Credit Suisse faces tough questions after $1 billion write-downs

Credit Suisse, HSBC dismiss 'Panama Papers' tax avoidance allegations

 

 

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