C Suisse boss gets vote of confidence

Tidjane Thiam

Credit Suisse’s Tidjane Thiam is the "right man" to lead the lender even though the bank has lost more than half of its market value since he took over, Chairman Urs Rohner said.

Bloomberg News reports that in an interview Wednesday in the Swiss newspaper Handelszeitung, Rohner also said investors back Thiam’s plans for restructuring the lender. The bank confirmed the interview.

“We’ve discussed the strategy intensively with many investors, including the largest ones, and will continue to do so," Rohner said. "There’s no strategic dissent."

Thiam, who joined a year ago from Prudential, is shrinking the investment bank to free up capital for expanding the bank’s wealth-management business, cutting thousands of jobs in the process. The chief executive officer tapped shareholders for about $6.1bn in November to help fund the bank’s overhaul.

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Credit Suisse Chairman Says Thiam Is ‘Right Man’ for Job

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