Tidjane Thiam facing a second consecutive quarterly loss at C Suisse

Tidjane Thiam

Tidjane Thiam is set to come under more pressure this week when Credit Suisse reports its first-quarter results.

Thiam took over as chief executive of the bank from insurance group Prudential last July.

Since then, Credit Suisse's share price has plummeted by around 50 per cent to $14 (£9.70).

Read more: Credit Suisse braces for bumpy road ahead

The bank is expected to post a second consecutive quarterly loss on Tuesday, according to a Bloomberg consensus.

In February, Credit Suisse reported its first annual loss in eight years.

Its pre-tax loss was CHF 2.42bn (£1.72bn) for the full year and CHF 6.4bn for the fourth quarter, which it said was largely a result of "substantial charges, which are not reflective of our underlying business performance".

Thiam said at the time: 'Market conditions in January 2016 have remained challenging and we expect markets to remain volatile throughout the remainder of the first quarter of 2016 as macroeconomic issues persist. We expect to continue to make progress on the key dimensions of our strategy as we continue the restructuring of the bank to position it well for the future, beyond 2016'.

Read more: Tidjane points Credit Suisse to private banking as profits jump

Credit Suisse – whose global markets division is expected to a report a record 40 to 45 per cent first-quarter revenue drop, according to Reuters – is in a long line of big banks to report struggles so far in 2016.

In the UK, RBS made an attributable loss of £968m – around double the £459m loss made in the same period last year.

In the US, Citibank, Goldman Sachs, Bank of America, and JP Morgan Chase all suffered.

And Credit Suisse's compatriot UBS reported its net profit was down 64 per cent to CHF 707m.

Full story: Tidjane Thiam facing a second consecutive quarterly loss at Credit Suisse: City A.M.

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